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The Omni Network price jumped over 3% in the last 24 hours to trade at $18.07 as of 12:55 a.m. EST as investors start accumulating the token.
Investors might have identified OMNI’s current level as a buy opportunity, after it plummeted on the longer timeframes. Down more than 14% over the past 7 days and more than 56% in the last month, investors could create the momentum needed for OMNI to break its negative trend.
The Omni Network Price Tries To Escape Its Bearish Channel
4-hour chart for OMNI/USD (Source: TradingView)
The Omni Network price is attempting to escape a medium-term negative price channel that has emerged on its charts. Should the crypto break above the upper boundary of this channel, it might have the space needed to rise higher in the short term.
Traders will likely enter into a long position for OMNI if the altcoin is able to flip the $18.786 resistance into support. This possible wave of buy pressure might then push the Omni Network price to the subsequent barrier at $21.735.
With enough bullish momentum, the Omni Network price could overcome the $21.735 barrier and possibly climb to as high as $24.394.
A rejection by the upper boundary of the aforementioned price channel could invalidate the bullish thesis. OMNI might then be at risk of falling further in the following 24-48 hours in this alternative scenario.
Bears might pull OMNI down to the immediate support at $16.687. If this crucial mark is breached, it could send the Omni Network price spiraling towards the downside.
Technicals Suggest The Omni Network Price Might Keep Rising
Technical indicators on OMNI’s 4 hour chart are flagging bullish. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest the Omni Network price could rise in the upcoming couple of days.
This is after the crypto entered into a positive trend over the last 24 hours, as signaled by the MACD line’s position above the MACD Signal line. Meanwhile, buyers currently have more strength than sellers as well.
Not only is the RSI positioned above its Simple Moving Average (SMA) on its 4-hour chart, the former is also positively sloped. This indicates that bulls are growing their current lead over bears, and might push the Omni Network price higher in the next 24 hours.
OMNI is not the only crypto that is doing well, as investors continue to buy into eTukTuk (TUK) during its ongoing presale, which has already raised more than $3.2 million.
Powering A Greener, Smarter Transport Industry
eTukTuk is a green AI-powered infrastructure project with a focus on the transport industry. Through cutting-edge technology, the project is aiming to slash the world’s carbon emissions.
At the heart of this mission is eTukTuk’s battery-powered version of the Tuk Tuk, a popular mode of transport in developing nations such as Bangladesh and Pakistan.
A Cryptonews analyst reviewed eTukTuk and its potential to generate returns for investors.
Unlike other newly-launched crypto projects, eTukTuk already has access to a wide pool of potential investors and users. This is due to its target audience, which mainly comprises citizens of highly-populated third world countries that rely on Tuk Tuks to generate an income.
eTukTuk not only assists these mini-taxi operators by reducing the operating costs of their vehicles, but also provides AI-driven route optimization amongst other features designed to maximize profit margins for users.
An Additional Way To Earn
eTuTuk has recently introduced its play-to-earn game. Inspired by Crazy Taxi, players have to navigate the busy streets of Sri Lanka to pick up and drop off customers with urgent needs.
This game is different from its peers because earnings are linked to the speed of the in-game eTukTuk. So, the faster the vehicle goes, the more earnings it can make.
Players can also enhance their gaming experience by upgrading their eTukTuk and even unlock additional cities and the associated earning opportunities. Rewards will be paid in the project’s native TUK token.
Rev up your engines and hit the streets!
Our #eTukTuk game is here, offering an exciting adventure through bustling cityscapes.
Download now and test your driving skills! 🚗💨
App Store: https://t.co/FizzJt9VAI
Google Play Store: https://t.co/BKQoTm6UZg pic.twitter.com/4wAaUDU2Gy
— eTukTuk (@eTukTukio) May 2, 2024
TUK is currently selling for $0.031. Binance Coin (BNB), Ethereum (ETH), Tether (USDT) or a bank card can be used to acquire the token. Once purchased, the tokens can also be staked for up to 85% in annual rewards.
Purchase and stake TUK for up to 85% in annual rewards here.
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