Oh My Gosh! OmiseGo’s token, OMG, just confirmed above the daily Ichimoku cloud. It was one of the only cryptocurrencies to see gains on Monday, next to Cardano. But what is OmiseGo and how should you invest in it? Read on!
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What is OmiseGo?
OmiseGO is an existing payment management platform similar to Stripe. It was founded in Thailand and is mainly focused on Southeast Asian countries with strong ties in Singapore, and Japan. Its token, OMG, is an Ethereum-based financial technology. It allows real-time, direct transfers across multiple fiat currencies and digital currencies.
OmiseGo’s goal is to “unbank the banked.” With this new project, they plan to integrate their services with blockchain technology.
One of OmiseGo’s partnerships includes that with MakerDAO. OmiseGo will collaborate with MakerDAO and its DAI cryptocurrency. They are aiming to offer financial decentralization solutions through this partnership. DAI is a kind of Stablecoin aiming to help reduce volatility in cryptocurrencies.
Thai Prime Minister recognized Omise with the Digital Company of the Year award at Digital Thailand Big Bang 2017.
Coming up this week…
It is meeting with representatives of Asia Pacific Economic Cooperation (APEC) in Tokyo today to talk about the future of Ethereum and to promote blockchain free trade. OmiseGo CEO and founder, Jun Hasegawa, will be speaking to delegates from APEC’s Business Advisory Council. The round of talks is expected to last over two weeks.
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OMG/USD Price Action
After rallying over 38% and then erasing some of the gains on Friday the 13th, OMG continued its gains throughout the weekend and on Monday it finally confirmed the break above the daily cloud with its 9.9% gains.
Looking at OMG/USD price action, on the daily chart, its price remains between the two key Fibonacci retracement pivot levels of $12.79 and $15.76.
Now that a break above the Ichimoku cloud is confirmed, we could see gains towards the 38% Fibonacci retracement level of $18.78.
But first, we may see a pullback, which could give investors a decent buy opportunity.
The key support level for OMG remains at approximately $8.40, a level which has acted as a support multiple times in the past.
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