Traders pushed OmiseGo up 9% over 24 hours, lifting the Ethereum-based token above $1.60 and past most major altcoins. The rally built on gains from the token's integration with Tether earlier in the
Traders pushed OmiseGo up 9% over 24 hours, lifting the Ethereum-based token above $1.60 and past most major altcoins. The rally built on gains from the token's integration with Tether earlier in the week, which had sparked an 18% jump. An airdrop of OMG to Ethereum holders the previous week also added to bullish sentiment.
SYNQA, the parent company, raised $80 million in a funding round led by Siam Commercial Bank and SPARX.
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Charts show strong support at $1.40, with the price holding well above the 20-day moving average on shorter timeframes. The weekly RSI is climbing, though it has entered overbought territory, suggesting a pullback may arrive before the next advance.
For traders with medium-term targets in mind, May's peak of $1.95 offers the first major barrier to break. Once there, few obstacles stand in the way of $2.80, $3, or $4.50. The token's limited circulating supply constrains available units and helps lift prices as demand concentrates.
Volume has doubled. Yesterday, traders exchanged $13 million in OMG. That figure surged to $26.2 million in the past 24 hours. Both the MACD and Chaikin oscillator show bullish signals. The Chaikin oscillator has turned up, indicating accumulation continues.
Downside levels warrant watching. The token has immediate support at $1.49, with a secondary floor at $1.44. If selling accelerates and the token slides into the long-term downtrend that began in May 2018, the next major support zone is $1.35.
At press time, OMG changed hands at $1.61.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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