OmiseGo might Track Towards a Downtrend by the End of the Year

eToro

OmiseGo recently tweeted about their P2P payment network which will help the traders to integrate, scale and build their project on a secure payment network platform. Only time will tell if the platform is actually beneficial for the users or not.

OmiseGo Price Analysis:

OmiseGo Price
OmiseGo Chart By TradingView

After having tracked the price movement from the past 5 days, we see that OMG was initially seen trading below the baseline. The lowest touchdown was seen on September 16, at 12:00 UTC, when the price was $1.04. The price of OmiseGo then escalated by 15.68% on September 18 at 14:20 UTC marking the highest of the said time frame at $1.20.

Yesterday, the value saw a drop of 9.59% at 04:25 UTC, which led the coin to the trading value of $1.09. Later, with moderate volatility on board, the price slightly increased by 5.80% at 20:00 UTC when the trade value changed to $1.15. The current value is a result of a marginal 1.89% fall from the latter price mark.

Short-Term Prognosis:

OMG Price Chart

Speaking of the short-term movement, traders can make some profits if they buy/sell the currency on the lowest/highest touchpoint as shown in the chart. As of now, it seems that one might want to wait for some more time for the price to reach the lowest point in order to invest in the coin.

Long-Term Prognosis:

OMG Price
OMG Price Chart

The long-term movement of OMG is quite similar to other altcoins. The value as of now is seen below the baseline.

Traders can conclude to an ideal trade decision depending on their interest in long-term or short-term investment. The resistance and support levels are calculated as follows:

Resistance Levels:

R1: $1.19, R2: $1.23, R3: $1.28

Support Levels:

S1: $1.1, S2: $1.05, S3: $1.01

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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