Connect with us

Altcoins

OmiseGo Hits Double Digits as Market Cap Soars Past $1 Billion

Published

on

OmiseGo (OMG) has become one of the latest cryptocurrencies to join the billion-dollar club, as prices shot up to double-digits following a month of stellar gains.

// -- Discuss and ask questions in our community on Workplace.

OMG/USD Price Levels

OmiseGo has been on a tear as of late, with prices adding nearly 60% over the past month. At press time, OMG/USD was trading at $10.21 for a gain of around 1.5%. That’s still considerably below the record high of $11.50 achieved earlier this year.

The OMG cryptocurrency has added more than 10% over the past week. Technically, the cryptocurrency is gaining momentum, with prices recently overcoming a double-top formation en route to higher highs. MACD and Relative Strength both imply further upside in store.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

At present values, OMG is capitalized at $1.05 billion for 17th spot on the global market cap chart (all figures according to CoinMarketCap). The cryptocurrency has turned over nearly $54 million over the past 24 hours, which is equivalent to 4,708 bitcoin and 118,073 Ethereum.

Buying interest was primarily concentrated on Bittrex and Bitfinex; together, the two exchanges turned over roughly 60% of OMG transactions. Other exchanges to process significant Omise transactions include Poloniex and Huobi.

The Chinese-based Huobi first launched OMG last month, with deposits starting on Nov. 13. The exchange currently offers OMG/BTC and OMG/ETH transactions.

Decentralized Digital Exchange

Backed by Ethereum, OmiseGo aims to become the world’s leading peer-to-peer cryptocurrency exchange. As such, its utility extends far beyond that of a regular altcoin.

The platform has clearly laid out a vision to become a decentralized exchange that goes beyond the current limitations of the financial industry in general and blockchain in particular. In doing so, it is promising to facilitate decentralized trading through the blockchain at a higher volume and lower cost. In theory, this would allow for seamless transfers across all digital currencies.

OmiseGo’s native token has seen its popularity steadily rise since its inception back in 2013. Currently, it is estimated that more than 40 exchanges offer OmiseGo tokens. The Singapore-based operation integrates a proof-of-stake consensus system, with validators rewarded in OMG tokens.

The project is also being piloted as a payment method, with the likes of McDonald’s accepting its tokens through its online Thai operation, www.mcdonalds.co.th. The rollout has officially begun in Thailand via payment gateway platform.

The OmiseGo payment network charges partner companies a 3.65% transaction fee free of setup costs and other associated fees.

Jun Hasegawa, CEO & Founder of Omise, said the goal of his payment platform was to streamline the end user experience.

“The consumer’s experience begins right when they place the order online, and payments is a critical component of that experience,” he said in a statement released in September. “Offering highly secure, seamless payment options across all platforms and devices is key to delivering a seamless experience for McDonald’s customers.”

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Altcoins

Trading recommendation: Lisk/Bitcoin

Published

on

The best way to trade a range-bound market is to buy at the lower end of the range and sell at the upper end. If the range is large and well established, it offers us a good risk to reward objective. We believe that LSK/BTC fits the bill and offers us an attractive opportunity to buy at the support and sell at the resistance.

// -- Discuss and ask questions in our community on Workplace.

Key points

  1. LSK/BTC has formed a large trading range.
  2. Buy at the lower end of the range.
  3. Sell at the upper end of the range.

Weekly chart

LSK/BTC has been trading in a large range of $0.00046 on the lower end and $0.0016 on the upper end. On three occasions, the cryptocurrency pair has bounced off the supports. Similarly, it has returned from the $0.0016 levels thrice. The range is well defined. Currently, price is trying to rebound after breaking below the lower end of the range last week. We believe that a buy at current levels offers us a low-risk and high-reward trading opportunity.

Daily chart

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

On December 07, the cryptocurrency pair broke below the support of $0.00046. However, the very next day, it climbed back into the range, which is a positive indication. This shows that the bulls want to keep the range intact. However, the rally from the lows hit a roadblock at the 20-day EMA.

Currently, LSK/BTC is again pulling back towards the lower end of the range. If the support holds, we believe that the digital currency will again rally to the upper end of the range. Therefore, we suggest buying 50% of the desired allocation close to $0.00050 levels. Remaining 50% of the position should be purchased once the digital currency breaks out of $0.00068. The profit objective is a rally to the upper end of the range at $0.0016. The trade should be closed if the virtual currency breaks down and sustains below the lower end of the range. This is a long-term trade.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Altcoins

Trade Recommendation: XMR/BTC Pair Throwback

Published

on

The XMR/BTC market (Monero) has been in downtrend on the hourly chart after posting a high of 0.0225 on December 6 and failing to hold critical support at 0.02. It went to as low as 0.0145 on December 8 before respecting RSI at 32 where it established support. The market used the new support level to rally and generate one higher low after the other. It recently attempted to reclaim support at 0.02 but was repelled by bears. Currently, the market is trading around 0.019 levels where it appears to have created another higher low.

// -- Discuss and ask questions in our community on Workplace.

Technical analysis shows a large reversal pattern in the hourly chart that can take the XMR/BTC pair to 0.025. Even though the market failed to breach resistance at 0.02, investors should not see it as a failed breakout. What we’re seeing is a throwback which is a temporary retreat in price. Throwbacks are common in breakout plays and are often seen as a bullish signal. The next time the market attempts to breach 0.02 resistance, it has a much better chance of breaking it with conviction.

The strategy is to buy breakout at 0.02 with immediate stop at 0.0189.

Hourly XMR/BTC Chart on Poloniex

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

As of this writing, XMR/BTC is trading at 0.018714 on Poloniex.

Summary of Strategy

Buy: breakout at 0.02

Target: 0.025

Stop: move below 0.0189 after buying breakout at 0.02.

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Altcoins

Trade Recommendation: FCT/BTC Bullish Reversal

Published

on

The market reach its all-time high back in June this year when FTC/BTC (Factom) reached 0.01463162. Unfortunately, the pair wasn’t able to sustain its momentum. It created a lower high several days later at 0.01066744 which signalled investors to take profits or cut their losses. As a result, the market tumbled and lost 93.17% in value from its all-time high. Such a tremendous loss would have created an atmosphere of despair in the market. Usually, that’s when the savviest traders come in.

// -- Discuss and ask questions in our community on Workplace.

Technical analysis reveals that the worst is behind the pair. FCT/BTC touched support at 0.001 on the daily chart twice and respected it on both occasions. This is a good indication that the market has found a reliable support level. In addition, hourly chart shows that a large reversal pattern is underway. The pair may have retreated when it nearly touched 0.002, but it generated a new higher low in the process at 0.00156566. The throwback is a bullish signal that enables the pair to gather momentum to break resistance at 0.002.

The strategy is buy on breakout at 0.002. Breach that level and the market reclaims 0.003. Sell that level because it is a strong resistance.

Hourly FCT/BTC Chart on Poloniex

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

As of this writing, FCT/BTC is trading at 0.001738 on Poloniex.

Summary of Strategy

Buy: breakout at 0.002

Target: 0.003

Stop: move below 0.0018 after buying breakout at 0.002.  

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Trending