What's Behind the Recent OMNI Price Increase? | Credit: Hameem Sarwar
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Key Takeaways
Omni Network’s (OMNI) price increased by over 200% today.
OMNI is breaking out from a descending parallel channel.
How long will the Omni Network price increase continue?
Omni Network surged by over 200% in the first week of July before cooling off.
After positive news, the OMNI price exploded today, since the South Korean exchange Upbit announced it will add the OMNI/KRW pair for spot trading.
Let’s examine the charts and see what lies ahead for OMNI.
Omni Network Price Prediction
The Omi Network price fell inside a descending parallel channel since its launch, completing a five-wave downward movement.
The trend reversed on July 6 (green icon) with a massive bullish candlestick, but did not cause a breakout from the parallel channel.
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Wave A could end near $10 while the entire structure could continue until the Omni Network price reaches the 0.5-0.618 Fibonacci retracement resistance near $24.38-$29.82.
Momentum indicators are bullish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) created bullish divergences (orange) before the rally, validating it.
If the Omni Network price closes above the channel’s resistance at $4, it will confirm the bullish prediction and lead the coin to new double-digit highs.
Why is Omni Network Going Up?
The shorter-term six-hour chart confirms the bullish readings and outlines the future movement.
Today, the Omni Network price broke out from a descending resistance trend line (black) and the $4.90 horizontal resistance area.
It is possible that the price of OMNI trades inside an ascending parallel channel, though the pattern has not been confirmed yet.
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.
