Bitcoin, Steem, OMG Network Price Analysis: 05 June

Bitcoin’s latest sojourn above the psychological resistance of $10,000 was brief. However, while corrections soon ensued, it did not dissipate the general mood and sentiment of the community. The same was true of many of the market’s altcoins, including the controversial Steem and OMG Network (Formerly known as OmiseGo).

Bitcoin [BTC]

Source: BTC/USD on TradingView

The world’s premier cryptocurrency, Bitcoin has recovered well following the heavy losses it took after the corrections in early-June. While its latest movement hasn’t seen any remarkable surges in prices, BTC has strengthened its position on the charts, consolidating between the $9,500-$10,000 range in an effort to once again, attempt to breach its psychological resistance. At the time of writing, Bitcoin was priced at $9,738, with the crypto having recorded gains of almost 2% over the last 24-hours.

The faith in how well Bitcoin might perform over the rest of the year, now that its much-anticipated halving is behind it, was underlined by a recent report which claimed that in 4-5 years, the world’s largest cryptocurrency’s trading volume and market cap could eclipse that of the U.S Equity market. Further, institutional money is steadily pouring into the market.

However, while BTC’s price performance and institutional participation afford room for optimism, its market indicators do not seem to think so. While the Parabolic SAR’s dotted markers were observed to be above the price candles and suggested bearishness in the market, the Relative Strength Index was holding steady and mediating between the oversold and overbought zones.

Steem [STEEM]

Source: STEEM/USD on TradingView

STEEM has been one of the most talked-about cryptos of 2020, and not for the right reasons. STEEM has had a tumultuous 2020, one punctuated by incidents such as the time when Tron’s Justin Sun attempted to use exchanges such as Binance to take over the Steemit blockchain, while also allegedly illegally confiscating upwards of $5M from former STEEM witnesses after they opposed a controversial upgrade. The mood in the community wasn’t lightened by the fact that briefly, its fork HIVE seemed to perform better than STEEM on the price charts.

At the time of writing, STEEM was continuing to stagnate on the price charts, with the token still a long way off from its immediate resistance that was last breached sometime in May.

This stagnancy was highlighted by STEEM’s market indicators as while the Bollinger Bands remained uniform and suggested minimal market volatility, the Awesome Oscillator pictured barely any momentum.

OMG Network [OMG]

Source: OMG/USD on TradingView

Like most alts in the market, OMG was quick to latch on to Bitcoin’s charge upwards, with the token noting remarkable gains. However, as corrections ensued for Bitcoin, so did they for OMG. However, these corrections didn’t seem to be as acute as one would usually expect mid-range cryptos. In fact, while OMG did drop, it did so steadily. At the time of writing, OMG was priced at $1.68, with the token having gained by 10% since 1 June, despite being on a gradual downtrend.

OMG network’s indicators, however, were largely bearish as while the Chaikin Money Flow had just breached zero, the MACD line was below the signal line following a bearish crossover on the charts.

It is, however, crucial to note that OMG’s aforementioned price surge also corresponded to the integration of Tether [USDT] on the OMG network.