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In this article, we will explore the technical analysis of Osmosis(OSMO).
Osmosis is a decentralized exchange (DEX) platform that operates over the Inter-Blockchain Communication Protocol (IBC), facilitating asset swapping between various blockchains regardless of the size of the crypto ecosystems. This platform provides the opportunity to trade on a wide range of assets, including those coming from major ecosystems like Ethereum, Polkadot.
Osmosis supports the vision of creating a more integrated and interactive ecosystem within the crypto world by building bridges between various assets. This facilitates access to greater liquidity and trading opportunities for the crypto community, while also encouraging cooperation between projects on different blockchains. The smooth and reliable swap of assets via Osmosis’ IBC protocol contributes to the further growth and development of crypto ecosystems.
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Osmosis(OSMO) Technical Analysis
Osmo has not been able to offer steady performance to its investors since its release on October 28, 2022. It failed to show a strong rise from any significant support region during the bear season. All rallies were short-lived and generally returned to the downtrend.
Recently, it saw a bit of a recovery from a reaction it got at the $0.2250 level.
However, a sharp selling pressure followed its sudden rise to the $0.80 levels and it started struggling at support levels below $0.65. If it cannot protect its current support level of $0.50, a retracement to $0.3260 levels could occur.
If Osmo can establish solid buying pressure around the $0.50 region, we can consider it capable of targeting the $0.80 levels once more. In other words, if it can form support at the $0.50 level, it has the potential to execute another upward movement toward the $0.80 target. Price had a reaction from the full selling area and went into a decline. Unless the price closes above 0.6807 in a higher time frame, we cannot say that it can continue rising.
The first reaction zone where it can rise and is likely to get a reaction is the 0.3944 region located below the gap. If there is going to be a reaction, it is highly possible that it will take a reaction from this region.
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