OMNI explodes after Upbit listing, breakout pattern hints at 120% upside ahead

Omni Price went parabolic on July 29 after it had obtained a list on Upbit. An outbreak of a falling wedge now points to mass potential profit in the coming weeks.

According to data from crypto.news, Omni Network (Omni) shot on Tuesday 29 July 170%, before he settled at $ 4.84 from the moment of a press, still 84% in the last 24 hours.

The Altcoin, currently ranked 337 per market capitalization on just over $ 182 million, exceeded his colleagues in the top 500 cryptocurrencies per market capitalization in profit today.

Data shows that Omni’s daily trade volume rose more than 2,100% to reach $ 904 million, which emphasized a strong increase in market activity as investors hurried to take advantage of the rally.

Why did the Omni price rose?

Omni -price rose sharply after the biggest crypto exchange of South Korea, Upbit, entered A WFD trading savings for token early yesterday.

The list greatly increased the exposure of Omni to Korean retail investors, a market known for feeding speculative rallies. The dominant position of UPBIT in the region probably borrowed institutional credibility, so that an increase in investor interests and trading activities was fueled.

According to data from Coingecko, Upbit was responsible for the majority of Omni’s trade volume for the past 24 hours, with around $ 290 million, considerably higher than Binance, which registered $ 192.7 million in the same period.

Omni Price also received a grip when Open Interest rose to a record high of more than $ 75 million, with more than 370% in the last 24 hours per Coinglass facts. Despite a persistently negatively weighted financing percentage, indicating that a market is crooked to short positions, the sharp structure in open interest has probably fueled a short squeeze, making prices higher when traders hurried to cover their positions.

Omni Network recorded more than $ 10.62 million in liquidations in the last 24 hours, with approximately $ 7.66 million attributed to liquidated short positions, because bearish traders had considerable losses in the midst of the unexpected price rally.

Omni Price promotion

The recent UPBIT list has followed up as an important catalyst for Omni, which pushes token above a key resistance level on the daily graph that had previously closed its rallies.

Since the beginning of June 2024, Omni had exchanged in a falling wig pattern, a bullish reversal formation characterized by converging downward trend lines. Token tried to break out of this pattern twice, once in December 2024 and again on July 11 this year, but failed to keep the momentum on both occasions.

This time, however, Omni decided above the top trend line of the WIG at $ 4.77 on July 29. The outbreak was followed by a successful retest of the same level, which has now become a support zone, which further validates the pattern.

Technical indicators continue to support the bullish case for Omni. The price is firm above its 50-day and 200 days of simple advancing averages, which market districts often regard as a confirmation of a developing uptrend.

Addilonally, the advancing average convergence -diversity lines are up, with growing green histogram stations that indicate that bulls are still under control.

Given the strength of the outbreak, the next large target is at $ 10.70, which represents 120% of the current levels and connects to his immediate path of the least resistance. If the Bullish Momentum continues, the full upward projection of the wig pattern places the long -term objective around $ 21.75.

With the RSI lecture above 70, however, Omni is currently overbought, which is not uncommon for a crypto activum that is within a strong upward trend. As such, a short pull-back should not be excluded, especially if the momentum cools and profitable sets.