After months of bleeding since its April 2024 debut, OMNI’s sudden spike has traders wondering: Is this the start of a full-blown reversal, or just another fakeout?
Let’s break down the charts to figure out what’s driving the momentum.
OMNI’s price hit $1.41 at its lowest point, a far cry from its debut levels.
But that trend flipped fast in July. The token suddenly surged 200%, catching the market off guard and pushing OMNI right back into the spotlight.
Interestingly, the rally wasn’t sparked by any big news or announcements. Instead, it looks like the charts were quietly setting the stage.
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Momentum indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) had been building bullish divergences for weeks, subtle signs of a brewing reversal.
Now, with RSI holding above 50 and MACD nearly turning positive, the setup looks promising.
Still, for a full confirmation of trend reversal, OMNI needs to break out cleanly from its downward channel.
Bullish OMNI Wave Count
Omni Network’s recent breakout may be more than just a flash rally; it could be the beginning of a broader trend reversal, according to wave analysis.
The current wave count shows that OMNI has completed a full five-wave corrective pattern (in red) within its descending channel.
Notably, the bullish divergences on the RSI and MACD formed between waves three and five, a classic setup for a reversal.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
