OmiseGo's OMG token is reporting double-digit gains today, figures that throw shade on the rest of the top 25 cryptocurrencies by market valuation.
Having clocked a two-month high of $20.67 earlier today, OMG is now changing hands at $18.20 on Bitfinex – up 15 percent in the last 24 hours. Meanwhile, OMG's BTC-denominated exchange rate jumped to a seven-month high (highest since Sept. 30) of 0.0023466BTC.
According to the chart analysis, though, the outlook will remain bullish as long as prices hold above $14.40.
The bullish triangle breakout indicates long-term bearish-to-bullish trend change and has opened the doors for a retest of the record high of $28.50.
It's worth noting that the bullish breakout is matched by a 415 percent spike in 24-hour trading volume. So, the rally looks sustainable. Further, the momentum studies are biased to the bulls too, with both the 5-day moving average (MA) and the 10-day MA trending north.
OMG will likely take out the immediate resistance at $20.83 (Feb. 28 high) in a convincing manner and could rise to $28.50 (record high) in the near-term.
Only a daily close (as per UTC) below $14.40 (April 21 low) would signal bullish invalidation. Meanwhile, a drop below $12 would signal a bullish-to-bearish trend change.
UPDATE: This article has been updated to remove a link to a fraudulent website that was misrepresenting OmiseGo in an effort scam users. CoinDesk regrets the error.
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