$OM Bullish pennant

OMUSDT is currently doing a bullish pennant pattern after an explosive move from 1.67 area. A break of this pennant could send OMUSDT price parabolically to around 6.40 - 6.80 area, measured using the length of the pole in confluence with 2.618 fib level.

In a typical retrace on a continuation move towards the upside, volume tends to dry out, signalling that a move may be due sooner than later. In futures, OMUSDT.P O/I continue to hover around 14M which is a good sign given the sentiment of the market towards premium RWA projects, with a positive L/S ratio.

On the flipside, a break of the lower level will only continue the current ranging move of OMUSDT towards 3.30 - 3.50 area.

Given that the market is still focusing on BTC, OMUSDT will continue to move in a laggard fashion, therefore there is still time to find a long entry near 3.55 - 3.63 area. Once money shifts towards alts, this will propel OMUSDT to new ATHs.

As always, manage your risks.

GL!

- JD