After rising from $0.50 to $14 in one and a half months, OMG is taking a breather. In the last few weeks, the price has gone sideways relatives to what happened in August, which shouldn't be a surprise for a coin that has risen over 1,600% in 2 months. It may be a case that traders are taking some profits.
The price is nearing its $8.30 support. If that falls, $7.60 will be the next support to be tested. Previously, a lot of buying happens when the price reaches this level so I do expect a bounce if it drops to $7.60. The MACD is signalling more downward pressure as it failed a bullish cross a few days ago (Where the blue line failed to cross over the orange line)
Don't be too alarmed if you are a long-term investor, consolidation is an important process before the price can go higher. Fundamentally, nothing has changed and OmiseGO has huge potential.
