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OmiseGO Get’s listed on Bitpanda: OMG Price Technical Analysis

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In this post we are going to discuss the potential impact the Bitpanda listing could have on the price of OmiseGO, as it is known that exchange listings could impact the price of the cryptocurrency positively. That is, however, more true for those cryptos that are not well known and are smaller in market cap, usually post ICO.

OmiseGO is a wide known crypto currently ranking at 21. by market capitalization according to the coinmarketcap rankings, and has been in the first third of the top 100 coins since last September when the price increased to 12,88$ from 0,4$ where it was trading in the second half of July 2017 resulting in an increase of 3159%.

OmiseGo Price

News

On July 3. Europe’s leading retail exchange for buying and selling cryptocurrencies Bitpanda has announced the support of Ethereum based ERC20 tokens in their medium blog post. As stated in the announcement first tokens that should be expected will include 0x (ZRX), Augur (REP) and OmiseGo (OMG).

Yesterday OmiseGo the first token of the initial batch was listed, and others are to be expected soon, as Augur listing is scheduled for 7th of August.

Analysis

From the opening on Saturday 28.07.2018 at 7,03$, the price of OMG experienced a decrease of 17% until today’s opening price at 5,84$.

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The news may be already taking effect on the price because as you can see from the two-hour chart the price is starting to recover, and is currently trading at 6,03$ which is a 3,31% increase from today’s opening price.

Zooming out on a daily chart we can see that the price of OmiseGO is on the exact levels of the key support zone 3.

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These levels are considered as key support zone because the price of OMG has never gone below it after the initial rise of 3159%. Currently, the price has interacted with the lower line of the support zone 3 but has recovered quickly leaving a wick on the daily chart indicating buying pressure and is currently sitting at the first upper line.

If the daily candle closes on or above the upper line I would expect it to continue upward to the support zone 2 at 6,54$ level and then potentially to the support zone 1 upper line at 7$ for a retest. Because support=resistance I would expect that the price gets rejected there but we will how this plays out.

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If the price breaks below the support zone I would be expecting a straightforward downfall, because of its significance, which is why in both cases I am expecting the support zone to be broken even if we see a recovery.

Market sentiment

1 minute, 5 minutes and 15 minute charts are bullish while 1 hour, 4 hours and daily chart technical indicators are signaling a sell.

This fits with my projection that some short-term recovery is to be expected, but the overall picture is not looking good for the price of OmiseGo.

Conclusion

Last time OmiseGO got listed was in February:

  • 22 Feb – Koinex Exchange Listing
  • 8 Feb – Lykke Exchange Listing
  • 8 Feb – Centra Exchange Listing

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I have labeled the candles on those dates, and as you can see those listings haven’t done much for the price or at least we cannot say conclusively that they did as the 8. February listings resulted in a green candle, and 22. listing in red. On the other side in both cases, 3 days after the listings took place the price of OmiseGO increased which can be interpreted as a late reaction to the news.

I highly doubt that this listing will impact the price of OmiseGO in the midst of this bearish market filled with fear uncertainty and doubt. Even though Bitpanda is a large exchange, Europeans are not as large participants as the U.S. or South Korea. The only way altcoins can experience some increase in this market is by the whole market cap increasing as the market is strongly correlated to Bitcoin whose dominance is up to 48%.

Having in mind that Bitcoin is in a downward trajectory, a breakout from the support zone is the most likely scenario in the following period.

The post OmiseGO Get’s listed on Bitpanda: OMG Price Technical Analysis appeared first on Blockonomi.