OSMO/USD – Bearish price action continues. Support at $8! 🙄
Osmosis, an exchange token on the Cosmos ecosystem had a great pump in early 2022, but that quickly faded.
OSMO could not sustain the uptrend and in March fell below a key ascending trendline which was re-tested as resistance = BEARISH! See yellow circle.
For this reason, do not FOMO into OSMO. It can easily drop to $8 before any sustained recovery.
To turn bullish , OSMO has to turn the descending resistance trendline into support. Otherwise, expect lower lows as price searches for support.
The indicators and volume are also not looking sexy and are rather bearish .
Bias is bearish . This is supported by the price action and indicators.
Seems some market participants are stuck in the past when OSMO pumped hard, but this chart gives no such indications now.
Reality check is important. Wait for a clear break before FOMOing.
Like and follow if you liked my idea!
