Osmosis [OSMO] up by 272% in December, could it be the next big crypto?
Journalist
Posted:
- OSMO has a bullish market construction regardless of a pullback.
- Key assist ranges might see Osmosis bulls revive the value’s uptrend.
Osmosis [OSMO] has loved a stellar December on the value charts. A couple of hours earlier than press time, the token reached $2.56. This represented features of 272% within the month, which started at $0.687 on 1 December.
Osmosis has a 24-hour trading volume of $70M as a decentralized change for the Cosmos [ATOM] blockchain. The sentiment behind the token was additionally firmly bullish based mostly on current social media engagement.
OSMO falls practically 30% in six hours
Supply: OSMO/USDT on TradingView
The swift rally to $2.56 was adopted by a transfer southward that was nearly as fast. The $1.259 and $1.788 ranges have been vital up to now two months. Prior to now two weeks, each ranges have been examined as assist.
The $1.259 degree noticed OSMO bounce to $1.52, a area that served as resistance again then. Equally, the $1.788 degree might see OSMO climb greater once more.
If OSMO costs decline additional, the Fibonacci retracement ranges (pale yellow) are anticipated to behave as demand zones.
The RSI continued to underline robust bullish momentum. The OBV was additionally in an uptrend to indicate that purchasing quantity was constantly greater than the promoting stress. If this development continues, OSMO can keep its rally.
Sentiment has been strongly constructive behind OSMO
Supply: Santiment
AMBCrypto analyzed the social metrics of Osmosis on Santiment. The social quantity has been trending greater since late October.
This can be a signal that OSMO was being talked about extra steadily than earlier than, a improvement that normally accompanies fast value features.
Life like or not, right here’s OSMO’s market cap in BTC’s phrases
The social quantity continued to be excessive, exhibiting that the general public hasn’t but moved on previous the token. The Weighted Sentiment was additionally constructive, but it surely has taken some downward swings in current weeks.
One other signal that market individuals believed in a token is a rising buying and selling quantity. For OSMO, the each day buying and selling quantity has skyrocketed in December. After a quick lull from the fifteenth to the twenty fourth of December, the quantity has picked up once more.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
