generic OMG Loses More Than 30% Following Recent Snapshot
The cryptocurrency market is correcting at the moment, but the OmiseGo network (OMG) is one of the biggest losers today.
OMG Losses More Than 30%
The broader cryptocurrency market is correcting following the rally experienced earlier this week. Bitcoin and the other major cryptocurrencies have all experienced losses and are currently trading in the red zone.
However, OMG is one of the biggest losers so far today. The coin is down by more than 30% over the past 24 hours and risks dropping lower over the coming hours. The dip was caused by the completion of the snapshot for an airdrop from the Boba Network.
The snapshot of all wallets holding OMG coins on the Ethereum network and the layer-two Boba Network took place in the early hours of Friday. After the snapshot, OMG holders are set to receive the governance token for BobaDAO, BOBA, on November 19.
However, OMG holders have started selling their coins despite not receiving the BOBA tokens yet. This has led the cryptocurrency to experience a massive dip over the past few hours.
OMG, Could Dip Lower
At press time, OMG is trading at $12.90 per coin. The OMG/USD chart shows that the cryptocurrency is very bearish at the moment and could record further losses over the coming hours.
OMG’s RSI of 36 shows that the cryptocurrency is currently oversold while its MACD is deeply within the bearish region. These technical indicators show that OMG could dip further over the next few hours.
If the sell-off continues, then OMG could test the $10.83 support level for the first time in two months. An extended bearish sentiment could see it trade below the $9 mark over the coming hours or days.
However, OMG would need the support of the broader cryptocurrency market if it intends to bounce back and reclaim the $13.5 pivot level.
This article was originally posted on FX Empire
