OmiseGo’s OMG token is reporting double-digit gains today, figures that throw shade on the surplus of the top 25 cryptocurrencies by market valuation.
Having clocked a two-month high of $20.67 earlier today, OMG is now switching mitts at $Eighteen.20 on Bitfinex up 15 procent ter the last 24 hours. Meantime, OMG’s BTC-denominated exchange rate leaped to a seven-month high (highest since Sept. 30) of 0.0023466BTC.
The price rise may be associated with the OMG’s listing today on Bithumb, one of the thickest cryptocurrency exchanges te South Korea. The token wasgoed alo listed on Zebpay, one of India’s largest cryptocurrency exchanges, yesterday.
According to the chart analysis, tho’, the outlook will remain bullish spil long spil prices hold above $14.40.
The bullish triangle breakout indicates long-term bearish-to-bullish trend switch and has opened the doors for a retest of the record high of $28.50.
It’s worth noting that the bullish breakout is matched by a 415 procent spike ter 24-hour trading volume. So, the rally looks sustainable. Further, the momentum studies are biased to the bulls too, with both the 5-day moving media (Moeder) and the 10-day Moeder trending north.
OMG will likely take out the instant resistance at $20.83 (Feb. 28 high) ter a coaxing manner and could rise to $28.50 (record high) te the near-term.
Only a daily close (spil vanaf UTC) below $14.40 (April 21 low) would signal bullish invalidation. Meantime, a druppel below $12 would signal a bullish-to-bearish trend switch.
UPDATE: This article has bot updated to liquidate a listig to a fraudulent webstek that wasgoed misrepresenting OmiseGo ter an effort scam users. CoinDesk regrets the error.
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