OMG Network (OMG)

OmiseGO is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies. Designed to enable financial inclusion and disrupt existing institutions, access will be made available to everyone via the OmiseGO network and digital wallet framework, starting in Q4 2017.

1. Basic Info

2. Technical

2.1 Kline Price Chart

2.2 Technical Analysis

The analyzed period reveals a significant price volatility with several distinct phases. Initially, from December 7 to December 18, a bearish trend dominated, marked by decreasing highs and lows, a sharp decline in price culminating in a drop to 0.3831 on December 18th. High trading volumes were also observed during this downturn, suggesting strong selling pressure. The most significant shift occurred on December 9th with an extreme low of 0.1234 indicating a major capitulation. The following days saw high volatility but generally, an upward trajectory that began on December 19th with a notable surge in buying pressure indicated by the increased volume and price rise. This recovery phase continued through to December 24, with intermittent periods of consolidation. However, this upward movement was not sustained with prices decreasing sharply between December 24th and December 26th. From December 27th to January 3, there was another attempt at recovery, showing fluctuating prices with a notable surge on Jan 3rd reaching 0.3627. Yet this rally was short-lived, with a minor correction seen on January 4th and January 5th, showing a continued lack of strong directional movement. The most recent data points on January 4th and January 5th suggest a stabilization or sideways movement. Trading volume has also decreased significantly from the high volumes recorded in December. The observed trends indicate the presence of both strong selling and buying forces within the market but a current period of indecision. The market seems to be experiencing difficulty in finding a clear direction, characterized by erratic price fluctuations. This uncertainty could suggest either a consolidation before a significant move or a prolonged period of ranging price action. Given the recent decreases in volatility and volume, a period of consolidation appears more likely in the near term. The absence of clear bullish or bearish signals suggests that the next move is uncertain, and traders may need to watch for significant volume or price breakouts before making directional bets.