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OmiseGo (OMG) Price Analysis: Coin Listing News Provided A Plastic Bullish Move To OMG

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Social Engagement Metrics Of Omisego Exploded Massively amid coinbase listing plasma tether
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  • After surging to the price level of $2.20, OMG finally took a negative hit of 12.29%.
  • Another case has been made that how listing news can make a coin such volatile or face pump and dump scenario.
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Source: Coinmarketcap

OmiseGo price on the 7-day weekly chart just broke the price mark of $1.00 when it got listed in one of the leading crypto exchanges in the world Coinbase. The coin got tremendous buying volume after the news came into the market which resulted in the price levels reaching $2.20. However, the possibility of a pump and dump scenario was correctly predicted by TCR writers. Today, the coin is having a significant downtrend of -12.29% in the market bringing the price level to $1.70.

It is not the first time that after getting listed in a leading crypto exchange, a crypto asset had a skyrocketing growth and dropped like a ball on the very next day. This situation arisen is generally the result of the overvaluation of the coin during its ICO process. However, if successful, the ICO acts as same as IPOs in the equity market. If a token gets listed on a major crypto exchange, that can hype it up to where it can generate a lot of interest as well as value in an asset.

Litecoin (LTC) Being The Same Victim

Capture
Source: Tradingview

The perfect example of the same scenario can be of Litecoin. It got listed on the largest South Korean digital currency exchange named BitHumb. The news provided the altcoin a straight jump of 15% within 24 hours.

OmiseGo (OMG) Technical Analysis

Screenshot (335)
Source: Tradingview

The graph reflects on the significant downtrend faced by OMG after the price jump due to listing news. The downtrend is simply indicating that OMG has been the victim of the pump and dump activity after the news followed the market.

Looking at the OmiseGo technical indicators and oscillators, the price levels are following the downtrend bracket which means it can face further bullish move. MACD levels have taken a straight dip to the bearish region reflecting the impact of a downtrend. CCI is trying to have a positive divergence after reaching the depth of the oversold region. RSI is still showing downtrending nature with the level of 35.

Resistance level: $2.30 and $2.00

Support level: $1.70 and $1.40

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