OMG Token Flirts With Fibonacci Support

The ICO token with the biggest market capitalization keeps on standing its ground in the midst of a bearish news cycle. 

At squeeze time Monday, OmiseGo, a token issued in July by online installments startup Omise, keeps on exhibiting footing among brokers. Indeed, even in spite of news South Korea would boycott the exchanging of tokens issued through ICO financing models, adequately cutting off OMG tokens from one of the most sweltering digital currency markets, costs seem, by all accounts, to be holding unfaltering. 

The OMG/USD swapping scale pushed costs to a low of $8.95 on Friday, yet the minor blip was rapidly fixed. All things considered, it's hazy how much higher costs may go. 

The token more than once neglected to pick up elevation above $10 levels throughout the end of the week, however it defended the 38.2% Fibonacci support of $9.06. At squeeze time, the token is exchanging at $9.40; down 3 percent according to CoinMarketCap. The ICO token has shed 5.2 percent week-on-week and 12.80 percent month-on-month. 

All things considered, heading into the evening sessions, OMG looks substantial as the specialized outline conveys a bearish undercurrent. 

The value activity investigation proposes the OMG/USD conversion standard could witness an automatic auction if the help at $9.06 is broken. 

The diagram above shows: 

Dismissal at $11 and bring down highs arrangement throughout the end of the week 

Bearish hybrid between the 50-MA and 200-DMA. The bearish hybrid happens when the fleeting moving normal cuts the long haul moving normal from above. 

Consequently, a break beneath $9.06 (38.2% Fibonacci retracement) would add assurance to the bearish value activity and might open entryways for an auction to $7.40 (half Fibonacci retracement) and $6.588 (September 15 low). 

On the higher side, a move above $10.38 would open up upside towards $11.80 levels.