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OmiseGO (OMG) current insights

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The price action of the OmiseGo has been moving around at its own pace throughout the past periods, although it encountered a peak at $4.23 on 5th September with trading volume ranging above $70 million.

However, OMG plunged from there, reaching $3.08 at the lowest point of the month. The currency’s all-time high of $27.76 which makes it lower up to 87.65%. On the other hand, the daily trade volume is currently at $46,281,433. Making it the 22nd valuable cryptocurrency among the list with most of the shares coming from Bithumb (25%), CEX (10%) and Huobi (18%) and the current market cap value at $483,201,296.

According to trader alanmaster, OmiseGo might have reached its bottom.

“For OMGBTC, we look at the weekly chart, please follow me:
Let’s start with the general chart structure. We have the top peak reached around April 2017, after which starts the decline. What I want you to notice here is how the candles start to form a curve. First, the price starts to drop hard and then it starts curving. Looking at the far right of the chart, you can see the negative 9 count on the TD -0.42% sequential, ending with a “Hammer candlestick”, which is a bullish reversal candle when it shows up at the bottom of a trend.

You can also notice the #1 and #2 candles, the last two candles on the chart, which are Dojis, reversal candles. Supported by above average green volume, the highest volume since April. * These are signals that can point to an upcoming change of trend.

You can also see the MACD curving, which is the first indicator from top to bottom. The blue line is forming a curve… Same with RSI and STOCH which are now oversold. You will be able to see these better on the daily time frame chart below.”

 

He also posted his in-depth analysis regarding the same while containing actual trading suggestions so do check that out here.

It also remains a fact that OmiseGo (OMG) is picking up its speed less more lately, however, one thing which makes the whole community happier which is the release of its anticipated project Plasma update #4 which was released a couple of weeks back, and right now pretty much everybody is concerned where it’s heading next. Overall along with Plasma MVP root chain contracts, other works are done on the smart contacts and is almost ready for auditing.

However, the development continues on the Watcher, which plays a key role in Plasma construction. And which also serves more accessible interface to the child chain.
Apart from that, mass exits are also done, BLS signatures, LearnPlasma, sparse Merkle trees. The complete list of updates that were made on Plasma is given in this Reddit thread.

The project released a community update of September 2018 on the 1st October; the OMG DEX work was done from the technical side. And the team also held a workshop in Warsaw where they reevaluated their design choices and balance out short-term priorities regarding the matter. Eventually, the team is looking forward to creating a secure, uncensorable, transparent, trustless and liquid platform in OMG DEX; and they have also put up their whole plane so do check out the link.

The work on the eWallet suit is also done, and the details are also there regarding the same. However, Tesuji Plasma will be the first iteration of the scalability infrastructure and will contain the following features:

  • Proof of Authority run on OmiseGO servers
  • Exit to Ethereum for final safety
  • CLI (command line interface) to monitor the child chain
  • Multiple currencies (initially this means ETH and ERC-20)
  • Atomic swap support

Apart from Atomic swap support which will be treated as a less relevant feature that’ll be added later the other four are already done and also released on the internal testnet.
@JonathanWillems a community contributor aka Cryptographics posted an infographic on OmiseGo which got recognized by the team’s community managers.

In the meetup in Warsaw, there were other community-related tidbits worth mentioning especially several Ethereum based projects (Golem, OmiseGo, and Hoard) had an exchange of ideas regarding topics like computing power marketplace, Plasma, and each project’s ability to contribute to the future of blockchain technology.

Vishal Saha, a guy who often remains obsessed crawling the web, also keeps a deep interest in the world of Cryptocurrency & Blockchain Technology. Apart from being a blockchain reporter, writing is also an integral part of his life and always prefers to be surrounded with geeky stuff, and try to keep up with the current affairs.

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