OmiseGoLong
#OmiseGO. Why this price surge ? Detailed Technical Analysis.
Updated
Everyone is asking why has OmiseGO grown so fast last past days with no news.
Well news are two:
1. OmiseGO at current marketcap is undervalued compared to other cryptos as it's an easy top 8 project. This means a 8 - 12 Billion marketcap. I see price growing from 5x to 7x from where we are now.
2. Technical Analysis. OmiseGO has been correcting since last months and bottomed at 5.5.
At 5.5 all indicators turned bullish as we can see from the different pairs:
Lets start from OMG/USD:
Price bounced at historical support, drawing higher highs and higher lows.
At the moment we are facing upper channel resistance
OMG/BTC:
Looking at the chart below we can see a Bullish divergence:
Definition of Bullish divergence: We have a bullish divergence when the price makes lower bottoms on the chart, while your indicator (MACD in this case) is giving you higher bottoms. After a bullish divergence pattern, we are likely to see a rapid price increase.
Nevertheless we have broke daily MA50 and price eyes next resistance daily MA100
OMG/ETH:
Looking at the chart below we can see a Bullish divergence and a double bottom:
Price broke daily MA50 and is facing resistance of daily MA100
These are all reversal signals that a trader must recognize.
Targets:
Based on what written above about marketcap.
I consider OmiseGO an easy top 8 project.
In terms of price this would mean a 5x to 7x.
Well news are two:
1. OmiseGO at current marketcap is undervalued compared to other cryptos as it's an easy top 8 project. This means a 8 - 12 Billion marketcap. I see price growing from 5x to 7x from where we are now.
2. Technical Analysis. OmiseGO has been correcting since last months and bottomed at 5.5.
At 5.5 all indicators turned bullish as we can see from the different pairs:
Lets start from OMG/USD:
Price bounced at historical support, drawing higher highs and higher lows.
At the moment we are facing upper channel resistance
OMG/BTC:
Looking at the chart below we can see a Bullish divergence:
Definition of Bullish divergence: We have a bullish divergence when the price makes lower bottoms on the chart, while your indicator (MACD in this case) is giving you higher bottoms. After a bullish divergence pattern, we are likely to see a rapid price increase.
Nevertheless we have broke daily MA50 and price eyes next resistance daily MA100
OMG/ETH:
Looking at the chart below we can see a Bullish divergence and a double bottom:
Price broke daily MA50 and is facing resistance of daily MA100
These are all reversal signals that a trader must recognize.
Targets:
Based on what written above about marketcap.
I consider OmiseGO an easy top 8 project.
In terms of price this would mean a 5x to 7x.
Note
OMG eyes last resistance at daily MA100 before a new impulsive wave. Note
ascending triangle short term target
Note
Broke upper channel resistance. OMG eyes 50s target
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