$OM
🚨 OM/USDT Technical Analysis: Bounce or Trap? 🚨
After weeks of sideways movement near $0.38, OM climbed 23% on May 21, forming a strong bullish candle after the Upbit listing. This marked the second notable surge in recent weeks.
On May 10–11, OM also jumped 22% from $0.385 to $0.47 amid rising on-chain volume ($1.06B) and open interest ($175M). That rally faded quickly as enthusiasm cooled, showing the rally was likely fueled by leveraged traders rather than long-term buyers.
RSI, which dropped to 17 on May 9, has gradually recovered — rising to 23 on May 10 and further climbing to 27.74 by May 21. This indicates improving momentum from oversold conditions, though it remains below the neutral 50 level.
MACD continues to reflect early bullishness, with the MACD line curving upward and the histogram turning green. This crossover suggests upward pressure is building but still lacks strong confirmation.
Unless $OM pushes above the $0.47–$0.50 resistance, this move may stay short-lived.