Osmosis (OSMO), the leading decentralized exchange (DEX) on the Cosmos (ATOM) blockchain, has experienced a significant price surge of over 25%. This surge can be attributed to a major development within the Cosmos network, where the merging of the two largest DEXs on the blockchain, Osmosis and Umee, is set to take place. This recent development has further fueled the already thriving Cosmos ecosystem, with several other noteworthy events taking place such as the launch of dYdX chain, substantial trading volume, and the growth of liquid staking. While the price of OSMO has entered a localized retracement, the question remains: is it too late to buy Osmosis?
As the price of OSMO enters a retracement phase, it is currently trading at $1.02, representing a 24-hour change of -5.05%. This retracement comes after facing rejection from historic resistance at $1.17, which marked an 11-month high for OSMO price action. The significant upward movement witnessed can be attributed to strong support from the 20-day moving average (20DMA), which currently stands at $0.75. However, the 200-day moving average (200DMA) remains in a descending position at $0.46, indicating a sudden shift in velocity for OSMO price action. This retracement phase has given rise to a tight banded trading channel, suggesting a potential drop to $0.82 may be on the horizon. The RSI indicator further supports this view, as it shows an overheated reading of 77.88, indicating the need for further retracement. Despite this retracement, the MACD reflects impressive upside momentum with bullish divergence at 0.0248. Based on these technical indicators, it appears that OSMO is due for a healthy retracement to strengthen its breakout rally move. With an upside target of $1.26 (+23.63%) and a downside risk of $0.82 (-19.54%), Osmosis presents a current risk-reward ratio of 1.21, making it a reasonable entry opportunity and suggesting that it may not be too late to buy OSMO.
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While Osmosis experiences a retracement in its price, the merging of DEXs within the Cosmos network and the technical indicators suggest that it may not be too late to buy OSMO. The recent explosive price action and the potential for further upside momentum make it a reasonable entry opportunity. Additionally, Meme Kombat presents an exciting opportunity for investors looking to participate in meme-based gaming and betting. Its captivating arena, transparency, appealing tokenomics, and integration of memes, gaming, and blockchain make it a standout project in the crypto space. As with any investment in the crypto asset class, it is important to approach with caution and conduct thorough research before making any decisions.
