OMNI Network: Potential Breakout and Upside Target

OMNIUSDT

Hey traders,

Looking at the OMNIUSDT chart, we've observed significant price fluctuations over the past month. After a drop to a key monthly support level around $8.5, the price action has developed within a converging pattern, forming both a minor ascending channel and a smaller neutral channel simultaneously.

Recently, the price has tested the upper boundary (resistance) of this ascending channel. Coupled with a noticeable increase in trading volume and a rising market capitalization for OMNI, this suggests a strong probability of a breakout above this resistance level. Should this breakout occur, I anticipate a continuation of the upward momentum, with a potential target near the $15.00 price range.
Also, I have a long trade position above $11.00.

It's also worth noting that we're currently in the latter half of January, a period that often sees a slight dip in market volatility.


Given the observed price action and supporting indicators, my bias leans towards long positions. However, as always, proper risk management and due diligence are crucial before entering any trades.

Happy trading!