Price is currently trading in the middle of the upper bullish channel trading between $26 and $20. In addition, I also see a potential curve structure occurring leading to a potential bullish breakout from the upper channel.
Fundamentally, there is no reason for the price to retrace to such a low level.The token was in an accumulation phase for 3 months with price hitting highs of $10-12.A retracement to an $11 zone is a reversal.The upcoming releases they have in store for the year and coupled with the frothy nature of the legislation all around the world against crypto, it certainly echoes the demand for a decentralized exchange mechanism which is one of the few solutions omisego is working on to be released relatively soon.In the short term, certainly, there is a high probability of a sell-off as profit takers take returns from a 400% December but not to the degree you illustrated.Long term I believe the market can hold $18- sub $20 for another round of consolidation and take off from there pending a couple of releases on their part.Omise go is working on a real problem something that isn't the norm in the blockchain space, it is trying to solve banking for those who are unbanked in Nigeria , Philippines, Thailand, E.t.C which is a remarkable task and will see them chime away at a very niche but important space that will aid bank the 2+ billion unbanked people in the world.In the process, it will also provide liquidity solutions and circumvent most of the institutional voids that exist in their financial infrastructure.You'd be surprised the line up at atm's in Nigeria.... there's a whole problem waiting to be solved and the current legacy systems are barely coping as it is vanguardngr.com/2017/12/photos-long-queues-atm-gallaries-lagos/