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- OMG is Unlikely to Go Up Much Further
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.
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