Ever since the cryptocurrency exchange Coinbase Pro revealed that it will be listing OmiseGO on its retail platform, the ERC-20 token has shot up by around 260% so far. The Coinbase OmiseGO listing made the cryptocurrency skyrocket – OMG went from $0.62 to a high of $2.27 but nothing is over yet.
Speaking of which, the coin is still posting gains in the cryptonews, even though it took a 30% nosedive in the past week. On-chain metrics reveal that the bullish momentum behind it may not be over yet.
Furthermore, we can see data from Santiment revealing that a bullish divergence appears to be developing between the number of daily active addresses on the OmiseGO network and the 21-day moving average. The recent levels of volatility could have affected the technical indicator. Nonetheless, the Coinbase OmiseGO listing resulted with a meteoric rise that no one expected.
The app Santiment and the analyst named Brian Quinlivan (who is a Marketing and Social Media Director there) took a deep look in the OmiseGO performance lately and the signs behind it. As you can see from the chart above, there is a clear link between the daily active addresses at OmiseGO versus its 21-day moving average.
All of this shows that OmiseGO’s NVT adds credence to the bullish outlook. The index takes into consideration the network value and the daily volume of the money transmitted through the blockchain.
Even after a few weeks since the Coinbase OmiseGO listing was announced, OMG is “having the healthiest rate of token circulation NVT in its existence,” affirmed Quinlivan.
Despite the rally after the Coinbase OmiseGO listing, IntoTheBlock’s “Global In/Out of the Money” model revealed that it still would need to climb over 1,400% to reclaim all-time highs. The $1.69 to $1.74 price is clearly a massive supply wall and will provide strong resistance if the altcoin advances further up. However, breaking through it may also see the prices increase sharply since there are only a few barriers above it.
And while the Bitcoin price news are showing good momentum today, we can see that OmiseGO is following that rise and might add new value to its market cap.
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