Ethereum-based OMG/USD pumps by more than 9%
The price of OmiseGo has been pumping hard over the past 24 hours, spiking by over 9% thanks to a volume spike
Ethereum-based crypto asset, OmiseGo, is outperforming most major altcoins as it gains more than 9.5% on the day.
The decentralized network platform has seen its native token trade at highs of $1.60 as of press time. Although not as spectacularly as it did when it romped to an 18% gain only hours after its integration with Tether, more gains could be on the way.
Last week’s airdrop of OmiseGo to Ethereum holders also added to the bullish outlook for the token. According to CoinTelegraph, OmiseGo parent company, SYNQA, has raised $80 million in a funding round contributed to by Siam Commercial Bank and SPARX.
OMG/USD technical outlook
OMG/USD has strong support above $1.40, with current prices well above the 20 EMA on shorter timeframes. On weekly charts, the RSI is forming an upward trend, though a short term decline is likely as the indicator reverts after hitting overbought territory.
For investors, the target in the short/medium term is to move prices to May highs of $1.95 (bulls could eye $2.80). Above this level, a lack of major resistance could see OMG/USD target $3 and then $4.5.
As can be seen on the MACD charts, the upside could be helped by the cryptocurrency’s low circulating supply, with demand for the token increasing net volume and aiding price action. Yesterday, OmiseGo saw volumes worth $13 million traded, but as of writing, that has doubled to $26.2 million worth of trades in the past 24-hour period.
The downturn over the past few days was not reflected in volume. Also, the Chaikin oscillator is turning north to indicate a possible continuation of the uptrend.
On the downside, the immediate support zone is at $1.49 with further declines likely to be stemmed at $1.44. If the sellers retake control to see the token continue on a downtrend that started in May 2018, the next major support zone is $1.35.
As of press time, OMG/USD is exchanging hands at $1.61.