The OMG network has lost almost a quarter of its value in the last 24 hours, although the crypto market is facing a slight correction.
The cryptocurrency has slightly retreated from the all-time highs reached earlier this week. Bitcoin and Ether reached new all-time highs at the beginning of the week: BTC climbed to the level of $ 69,000, and Ether exceeded the mark of $ 4,800.
However, OMG is currently one of the biggest losers in the market. The price of the cryptocurrency has lost more than 24% of its value in the last 24 hours. The losses have caused the value to fall below the $ 14 mark for the first time in weeks.
The dip took place after the completion of the snapshot for an airdrop from the Boba Network. There was a snapshot of all wallets containing the OMG tokens on the Ethereum blockchain and the Layer 2 Boba network today.
After the snapshot, OMG holders will receive BOBA, the BobaDAO governance token, on November 19. However, the snapshot led to a massive drop in the OMG price, as, according to analysts, OMG holders sold their coins before the news.
🚨 Crypto alert:
[#OMG–#BTC] Bizarre Activity alert (15m)
[#OMG–#USDT] Bizarre Activity alert (15m) pic.twitter.com/OnmfSltaGo
– 100eyes Crypto Scanner 🌐 (@100eyescrypto) November 12, 2021
Important levels at a glance
The OMG/USD 4-hour chart is currently extremely bearish after the recent price decline. The MACD line is low in the bearish area, while the RSI of 34 shows that the OMG token is currently oversold.
OMG is trading well below its simple 100-day moving average of $16, suggesting that it has underperformed over the past 24 hours.
What to expect
The OMG token could decline even further in the coming hours as the selling pressure on the cryptocurrency increases. With the broader cryptocurrency market still correcting, OMG’s price may continue to fall.
OMG could test the support level at $10.67 in the coming hours if the current trend is maintained. At the time of writing, OMG is trading at $12.6 per coin. A prolonged sell-off could cause OMG to slide to the $9 level for the first time since September.