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.
Falling balls image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.