based on the materials of the site - By CFU
Omni Network (OMNI) holds key support as traders anticipate a potential breakout of over 100%
At the time of writing, Omni Network (OMNI) shares have fallen by 4.96% and are trading at a price of $3.87, but lower support levels are still high. Daily trading volume has risen to $32.3 million, which is 48.89% higher, despite the price drop. This divergence indicates a more active market position at lower price ranges.
Alice Crypto (@Allice_Crypto) noted on Twitter that OMNI continues to maintain horizontal support, which has heightened expectations for a breakout from consolidation. The highlighted demand zone of $3.50–$3.80 has been tested several times, demonstrating resilience to further downward pressure.
Consolidation occurred after a sharp rise at the end of July and the beginning of August when OMNI reached short-term highs. The symmetrical triangle formation on the daily chart reflects price compression, often preceding a breakout.
Technical forecasts indicate an upward movement to the $9.00 mark, representing a more than 100% increase from current levels. This aligns with the measurement technique that applies the height of the previous impulse phase to the breakout point.
Volume dynamics provide a favorable backdrop, as triangle consolidations typically demonstrate compression before expansion during breakout attempts. Traders are closely watching for a daily close above resistance to confirm momentum towards the $8.50–$9.00 mark.
Market psychology also plays a role in this scheme. The correction phase eliminated weak hands, creating conditions for accumulation. Consolidation signals that strong buyers may be preparing for the next trend direction.
The market capitalization of Omni Network is $133.49 million, with an unlocked value of $149.62 million, and a fully diluted market value (FDV) of $387.3 million. There are 34.46 million OMNI tokens in circulation out of a total cap of 100 million tokens.
Intraday charts show that the OMNI price initially tested above $4.20, then fell below the psychological level of $4.00. The token price stabilized around $3.85–$3.90, where active buyer interest remains despite pressure from bears.
The trading volume to market capitalization ratio of 24.25% indicates increased liquidity. Additionally, the base of 72.6 thousand holders supports the network's resilience. A rise above $4.10 could contribute to new momentum, while a prolonged drop below $3.80 threatens to extend correction phases towards lower support.
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