OmiseGo is back at pre-December prices and after a double bottom is slowly stepping to the upside offering a potential swing trade and longer term investment opportunity. This may be one of the most undervalued coins in the space as the team, advisers, and venture capitalists are a who's who in the crypto space. In addition Omise continues to make partnerships including McDonalds, Thailand's Government and recently Shinhan a large South Korean bank. They compete with ripple and stellar lumens but the case in point to be made is that anyone can stake their coins and process transactions unlike ripple and stellar lumens.
Technical:
We currently are testing 9.43 or the 0.382 retrace of the previous bearish wave. This is a critical area to close above and see a continuation higher. The next resistance level comes at 10.66 which is 13% higher. First support is found in the 8.64-9.00 zone which is the 0.382 and 0.618 retrace of the current bullish move. Longer term target 11.85 to 12.60 which is the 1.618 extension of the previous bull move and 0.382 retrace of the overall "C" leg. The 7.50 to 7.87 level offers lower support. Actual trade was posted elsewhere.
Summary:
OmiseGo is an inexpensive coin and has the potential to outperform the market. This is similar to buying a less expensive stock. It is easier for a $9 coin to got to $36 then a $7000 coin to go to $28,000. I like OmiseGo here and regardless if the price pulls back I will simply add more. The market is starting to stabilize and we are seeing signs across the board that we MAY have found a bottom. To be clear we can always go lower but investing in quality coins with potential is best when market sentiment is low. I remember one comment when we were trading above 20 that stated, "I wish I had an opportunity to buy at 10 again". Well here's your sign!
@goldbug1 I don't see why 9$ to 36$ is easier than $7000 to $28000. If the marketcap of the 9$ is alot higher than that is the most expensive stock out of these 2...
satertrading
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@RobProesmans, human psychology and perception. Think of when a stock splits...it nearly always jumps in price because it is perceived as cheaper or a better bargain. They look at the $ value change rather than the % change.
You see a similar perception issue when saving money. People will go out of their way to save $5 on a tank of gas, but not out of the way to save the same $5 on a new washing machine...even though it is the same $5. In this case, though, they look at the % saved rather than the $ saved.
@RobProesmans, Agreed. For the record, I like OMG, but I DO NOT like this way of thinking ("Buy something because it's cheap). By that rational, we should be buying as many sh*tcoins we can priced under $10, most of which will go to zero over time.
goldbug1
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@Saylo, I never said cheap. I said less inexpensive. And yes it does matters. This is why stocks split. Also they have the potential to move up in market cap rank!
goldbug1
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@goldbug1, Less expensive and inexpensive. sorry. I do not recommend buying "cheap coins".
goldbug1
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@RobProesmans, Look at LTC, it was trading around 45 in august, bitcoin was at 4500. LTC is at 115 up almost 150% and BTC is up 50% so there is the case in point.