OSMO: Can Breakthrough Above IDR 28,800?

Bittime - The OSMO token price has just broken through an ascending triangle pattern at the IDR 24,000 level. So far in 2024, OSMO price has increased by approximately 8.56%. Technical indicators overall provide positive signals for current price movements.

Also read : What is the Inverse Head & Shoulders Pattern on Bitcoin? Identified Increase to $76,000

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Getting to Know Osmosis (OSMO)

Osmosis (OSMO) is a blockchain ecosystem that is independently connected and can operate across networks (interoperable) via an internal blockchain communication protocol (IBC). This is a Decentralized Exchange (DEX) for Cosmos. Osmosis operates as a standalone Proof-of-Stake (PoS) blockchain with its own set of validators. 

The platform's goal is to build a DEX and cross-chain trading tool that integrates with all blockchains via IBC.

OSMO Price Predictions and Developments Since October 2023

• The following is an analysis conducted by themarketperiodical.com. 
• OSMO price has the potential to experience a bullish reversal from the support level of IDR 3,168 in October 2023. 
• Prices jumped more than 250% and penetrated the resistance level of IDR 8,000, which shifted market sentiment in a bullish direction.
• The price reached the level of IDR 11,900 and then experienced a bullish correction at the support level of IDR 8,640. 
• The price then jumped almost 227% from that level forming an impulsive bullish candle. 
• This led to a breakout from the significant resistance level of IDR 24,000 on December 26, 2023.
• The price then formed a bullish important point (POI) at IDR 22,700. 
• Price rose 24% from POI and formed new resistance at IDR 28,200, which is currently the supply area. 
• The price is currently facing selling pressure from the zone.
• The total supply of OSMO tokens is 998 Million OSMO. 
• The 24-hour trading volume decreased by 20.79%, ranking OSMO at 228 out of 8,958 active crypto assets. 
• OSMO's all-time highest price record is IDR 162,000.

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OSMO Technical Analysis

The following is a continuation of the analysis by themarketperiodical.com

• OSMO price recovered due to the 50-day EMA level, signaling a positive signal in the current trading phase. 
• However, if the price falls below the 50-day EMA, a short-term decline to the 200-day EMA level may occur.
• On the other hand, the price faced strong selling pressure from the resistance level of IDR 28,200. 
• Prices fell 31% to the support level of IDR 19,300, making IDR 28,200 a strong supply area. Price then jumped 36% into that supply zone and faced resistance.
• The OSMO token price managed to break through the ascending triangle pattern at IDR 24,000. 
• However, the price is currently facing resistance at IDR 26,700 and forming several bearish candles. 
• The price has the opportunity to exceed IDR 28,800 if it successfully closes above the supply level of IDR 26,700.
• The Relative Strength Index (RSI) indicator shows neutrality in the current market price momentum. The RSI line is moving at 52.42, parallel to the spot price chart.

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Conclusion

OSMO price has been moving in a bullish trend since October 2023. The price reached the resistance level of IDR 28,200 in December 2023. 

The current bullish strength appears to be weakening, which may lead to a price decline. 

However, the OSMO token price has the potential to reach IDR 28,800 if it manages to exceed the supply level of IDR 26,700.

How to Buy Crypto from Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Read Also

Price Prediction for Osmosis (OSMO) 2024-2030

What is Osmosis (OSMO)? DEX Innovation in the Cosmos Ecosystem

Osmosis (OSMO) x Umee UX Chain: A New Breakthrough in the Cosmos Ecosystem

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.