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This Cryptocurrency Is Up 260% and It Seems to Have More Gas in the Tank

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This Cryptocurrency Is Up 260% and It Seems to Have More Gas in the Tank

Ever since Coinbase Pro revealed that it is going to be itemizing OmiseGO on its retail platform, this ERC-20 token has achieved nothing however shoot up. Since then, its worth skyrocketed by greater than 260%. OMG went from buying and selling at a low of $0.62 to a brand new yearly excessive of $2.27.
Even although this cryptocurrency took a 30% nosedive up to now week, on-chain metrics reveal that the bullish momentum behind will not be over but.
is OmiseGo Bound for Another Upswing?
Data from Santiment reveals {that a} bullish divergence seems to be growing between the variety of each day lively addresses on the OmiseGo community and the 21-day shifting common. It is value contemplating that the current ranges of volatility might have affected this technical indicator because it displays the value motion.
Nonetheless, Santiment maintains that this vital bullish divergence can’t be ignored.
“Four straight days over a +0.5 threshold means there’s nonetheless a severe working common of main each day lively addresses that worth hasn’t caught as much as but,” mentioned Brian Quinlivan, Marketing and Social Media Director at Santiment.
OmiseGO’s Daily Active Addresses vs. 21-day Moving Average. (Source: Santiment)
OmiseGo’s NVT provides credence to the bullish outlook. This index takes into consideration the community worth and the each day quantity of cash transmitted via the blockchain. Even after a couple of weeks since Coinbase introduced it was including assist for this altcoin, OMG is “having the healthiest price of token circulation NVT in its existence,” affirmed Quinlivan.
OmiseGO’s NVT Ratio. (Source: Santiment)
Massive Supply Barrier Ahead
Despite the huge rally OmiseGo has skilled over the previous couple of weeks, IntoTheBlock’s “Global In/Out of the Money” mannequin reveals that it nonetheless would wish to climb over 1,400% to reclaim all-time highs.
Out of all addresses holding this cryptocurrency, greater than 94% are at the moment “Out of the Money,” whereas solely 3% are “In the Money. ” These figures might point out that the investor base behind OMG isn’t as assured about upwards worth motion sooner or later.
Global In/Out of the Money. (Source: IntoTheBlock)
Looking on the “In/Out of the Money Around Price” (IOMAP) mannequin cohorts exhibits that for OmiseGo to proceed surging, because the aforementioned on-chain metrics recommend, it must reclaim the $1.71 stage as assist. Here, greater than 2,100 addresses purchased practically 5 million OMG.
As such, the $1.69-$1.74 worth stage is an enormous provide wall and can present sturdy resistance if this altcoin have been to advance additional up. But breaking via it might see costs enhance sharply since there are few obstacles above it.
In/Out of the Money Around Price. (Source: IntoTheBlock)
On the flip facet, essentially the most vital space of assist sits between $1.40 and $1.52. Between these worth ranges, the IOMAP reveals that over 4,000 addresses bought 4.7 million OMG. In the occasion of a correction, this provide wall could possibly forestall an additional decline.

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