OmiseGO (OMG) is currently ranked 20th on CMC with a Market Cap of $1.211bln.
- OmiseGo is a subsidiary of Omise, a South East Asian payments facilitator. The OMG network is not owned by OmiseGO and is instead an open source project.
- It aims to provide financial inclusion and interoperability through the public, decentralized OMG network
OMG Is made up of two primary elements;
- The OMG Money Gateway as a scaling solution for Ethereum focused on enabling payments, trades, and other financial transactions in both crypto and at. OMG is a fully public, currency agnostic decentralized exchange (DEX) network which will be secured by Ethereum and built to scale infinitely using the Plasma architecture.
- Secondly, to develop the OMG open-source, white label digital wallet Software Development Kit (SDK). The SDK will be free for anyone to use and will make it easy for those who need online asset exchange as part of their business to connect seamlessly to the OMG Network. The SDK allows wallet providers the flexibility to enhance, add, and customize payment solutions for many use cases.
- OMG is the answer to a fundamental coordination problem amongst payment processors, gateways and financial institutions. By enabling decentralized exchange at high volume and low cost, OMG provides a next-generation value transfer service operating across currencies and asset types, and across national borders and corporate ledgers.
Current Technical Analysis;
- OMG hit its all time high (ATH) back on September 12th 2017 at a price of 0.00327990 Satoshi’s.
- It has since retraced 59% over 189 days and now sits at 0.00135000 Satoshi’s.
- The Primary Trend has been Bullish since the start of 2018.
- The Intermediate Trend has largely been moving sideways.
Price has reacted strongly at Fibonacci Levels.
- Price is currently positioned just above the 38.20% level.
- A break above this level could see price test 50.00% (0.00168315 Satoshi’s)
- A break below this level could see price fall to 23.60% (0.00084007 Satoshi’s)
- Major Support has been identified at 0.00042000 – 0.00048000 Satoshi’s.
Trade Volume has been diminishing since the middle of December 2017.
- This could indicate either a lack of new investors and/or a disinterest in the Currency.
- RSI is below 50 but has rallied in the last few days to improve the possibility that we could see continued positive price strength.
- The current price is below all Three Major Moving Averages (MA’s) – a Bearish/Oversold indicator.
- The 100 day MA has moved below the 200 day. A bearish/oversold indicator.
- The MACD has crossed above the Signal which indicates a possible positive price reversal.
- The Histogram and MACD are contradicting the RSI in part and indicate that price strength momentum is falling.
Commentary and Thoughts;
OmiseGO are a key player in the Crypto space. They definitely belong in the top 20 based upon their existing business infrastructure, underlying tech and the problem that they are aiming to help solve/alleviate for them and many other DApps built upon the Ethereum Network.
They are competing in a very competitive space but appear to have an edge over existing competition simply by being further along their roadmap then most others.
OMG’s PoS is a very attractive feature for new and existing investors. PoS in this case mean that holders will get a cut of transaction fees.
OmiseGO’s decision to keep the network and software released as open source means that the technology has the ability to grow significantly faster.
A fantastic project with great tech and still bundles of potential when addition starts to kick in.