$OM Bullish pennant
OMUSDT is currently doing a bullish pennant pattern after an explosive move from 1.67 area. A break of this pennant could send OMUSDT price parabolically to around 6.40 - 6.80 area, measured using the length of the pole in confluence with 2.618 fib level.In a typical retrace on a continuation move towards the upside, volume tends to dry out, signalling that a move may be due sooner than later. In futures,
OMUSDT.P O/I continue to hover around 14M which is a good sign given the sentiment of the market towards premium RWA projects, with a positive L/S ratio.On the flipside, a break of the lower level will only continue the current ranging move of
OMUSDT towards 3.30 - 3.50 area.Given that the market is still focusing on BTC,
OMUSDT will continue to move in a laggard fashion, therefore there is still time to find a long entry near 3.55 - 3.63 area. Once money shifts towards alts, this will propel OMUSDT to new ATHs.As always, manage your risks.
GL!
- JD
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.