OmiseGo’s OMG token is reporting double-digit gains today, figures that throw shade on the rest of the top 25 cryptocurrencies by market valuation.
Having clocked a two-month high of $20.67 earlier today, OMG is now changing hands at $18.20 on Bitfinex – up 15 percent in the last 24 hours.
Meanwhile, OMG’s BTC-denominated exchange rate jumped to a seven-month high (highest since Sept. 30) of 0.0023466BTC.
The price rise may be associated with the OMG’s listing today on Bithumb, one of the biggest cryptocurrency exchanges in South Korea. The token was alo listed on Zebpay, one of India’s largest cryptocurrency exchanges, yesterday.
Further, an OmiseGo “airdrop” (scheduled for today) may have played a major role in boosting prices. According to the official blog, existent OMG investors are set to be gifted 0.3 OMG for every 1 OMG held. So, the token may have been snapped up in the hopes of making free money, with a plan to take profits once the coins are received.
So while flying high at press time, OMG is already down 11 percent from the intraday highs and could face a deeper pullback going forward.
According to the chart analysis, though, the outlook will remain bullish as long as prices hold above $14.40.
Daily chart
The bullish triangle breakout indicates long-term bearish-to-bullish trend change and has opened the doors for a retest of the record high of $28.50.
It’s worth noting that the bullish breakout is matched by a 415 percent spike in 24-hour trading volume. So, the rally looks sustainable. Further, the momentum studies are biased to the bulls too, with both the 5-day moving average (MA) and the 10-day MA trending north.
View
OMG will likely take out the immediate resistance at $20.83 (Feb. 28 high) in a convincing manner and could rise to $28.50 (record high) in the near-term.
Only a daily close (as per UTC) below $14.40 (April 21 low) would signal bullish invalidation. Meanwhile, a drop below $12 would signal a bullish-to-bearish trend change.
Falling balls image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Source: CoinDesk.com
