OMG is Unlikely to Go Up Much Further
The OmiseGO (OMG) token has lost 6.5% to $0.65 since the beginning of the week. The token has performed several upsides and even went to the $0.80 this week, the highest since June 24. However, the token failed to hold above $0.75 resistance and went into correction. Its prices tested the support of an uptrend for a third time to reach its recent highs. Further upside moves are unlikely as the Bitcoin rally is over, while the project itself doesn’t generate sufficient drivers for the prices to continue up above 4.5 month highs. OmiseGo network metrics are far from being hot. The number of active addresses in the network is rising steadily but the share of whales is decreasing. This could be interpreted as a deterioration of the belief in the project perspectives. So, the support could break down after prices test is for a third time. Then a decline would become a primary scenario.
Disclaimer:
The comments, insights, and reviews posted in this section are solely the opinions and perspectives of authors and do not represent the views or endorsements of RHC Investments or its administrators, except if explicitly indicated. RHC Investments provides a platform for users to share their thoughts on financial market news, investing strategies, and related topics. However, we do not guarantee the accuracy, completeness, or reliability of any user-generated content.
Investment Risks and Advice:
Please be aware that all investment decisions involve risks, and the information shared on metadoro.com should not be considered as financial advice. Always conduct thorough research, seek professional advice, and exercise caution when making investment decisions.
Moderation and Monitoring:
While we strive to maintain a respectful and informative environment, we cannot endorse or verify the accuracy of all user-generated content. We reserve the right to moderate, edit, or remove any comments or posts that violate our community guidelines, infringe on intellectual property rights, or contain harmful content.
Content Ownership:
By submitting content to metadoro.com, users grant RHC Investments a non-exclusive, royalty-free license to use, display, and distribute the content. Users are responsible for ensuring they have the necessary rights to share the content they post.
Community Guidelines:
To maintain a positive and respectful community, users are expected to adhere to the community guidelines of Metadoro. Any content that is misleading, offensive, or violates applicable laws and regulations will be subject to moderation or removal.
Changes to Disclaimer:
We reserve the right to update, modify, or amend this disclaimer at any time. Users are encouraged to review this disclaimer periodically to stay informed about any changes.
