OmiseGo (OMG) Price Analysis: OMG Prices Surged By 48.55%, Pump and Dump or A Justified Positive Momentum? 

  • OmiseGo is having a significant positive run in today’s market with an overall gain of 48.55%. 
  • The reason for the surge can be backed by the fundamental news of Coinbase launching OmiseGo for retail traders and mobile apps. 
Capture
Source; Coinmarketcap

On the yearly chart, OmiseGo (OMG) was prevailing under the price range of $2.00 to $2.50 in the mid of 2019. However, by the end of the year the crypto assets went to its lowest point of $0.50. For the overall bullish momentum from the starting of this year, the coin surpassed the crucial mark of $1.00 again but never crossed the level of $2.00 again.

In today’s market, the crypto assets broke the multi-resistance area of $1.50 with a significant bullish move and is at the price level of $1.80. The market capitalization is $255,587,395 and volume traded is $907,020,156. Both the pairs of OMG/BTC and OMG/ETH have taken an astonishing positive move with 51.53% and 51.57% overall gain respectively.

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Coinbase Launches OmiseGo For Retail Investor Traders and Mobile Applications of IOS and Android

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Source: Twitter

Coinbase continues to add up one more in the list of altcoins available for trading for the retail investors by adding support for OmiseGo(OMG). The platform could make OMG transfers and may buy and sell OMG with the US dollar and Bitcoin. The new coin is now available for retail investors through the company’s Android and iOS applications.

This may back up the fundamental reason behind today’s significant gain in the market for the crypto assets. Getting listed in top crypto exchanges like Coinbase can provide more volume and market capitalization for the coin ahead in the market and can be an ideal long-term investment.

OmiseGo (OMG) Price Analysis

OmiseGo (OMG) Price Analysis
Source: Tradingview

However, the technical OmiseGo (OMG) Price Analysis chart reflects on the other side of the coin. The significant rise from the starting of this year from the price level of $0.50 to the price level of $1.50 had a bomb drop. Further, it declined to a new lower level of $0.40. This momentum has made the crypto asset vulnerable to pump and dump scenario.

At present, the altcoin was moving between the price range of $0.60 to $0.80 with consolidation prevailing from the past month. However, the past few days back the coin jumped to the price level of $0.90 with no fundamental or technical support by the market.

The fundamental aspect of Coinbase launching OMG in its listing has provided a required fundamental boost. But still makes it vulnerable to dumping scenarios and a sharp negative divergence will prove that.

The technical indicators also show a pump and dump scenario. As the crypto assets have surged with no selling volume during the positive momentum. MACD levels are showing a strong positive nature in the bullish zone. CCI levels somehow managed to a negative divergence to the normal territory from the overbought region. RSI is still prevailing in the overbought region, making it vulnerable to sharp negative divergence.

Resistance Level: $2.00

Support Level: $1.00 and $0.60

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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