OmiseGo’s Future; Price Analysis And Major Development On The Way

OmiseGo began the day trading at $3.61, this price hasn’t changed much throughout the day but it has recorded a slight decline. At the time of press, the coin is trading at 3.54, with a market cap of $496,426,685. Throughout the month, the price has been hovering around $3.30 to 3.65. However, briefly, at the beginning of the month, the coin nearly hit $5. The coin was unable to break the $4.99 resistance level and looking at the weeks following that, you can see that the bullish market is trying to pull the price to break that level. But for much of the month, it is evident that the bearish market has been in control.

What Will It Take To Reach The $5.00 Mark?

The OmiseGo project announced that it would be launching a ‘Plasma framework’ and this could be the key to unlocking the $5.00 mark. This framework would allow the project to execute smart contracts while supporting high levels of scalability. This would not only impact the project but the industry as a whole. In addition, the project is launching a decentralized exchange eliminating the need for wallets. The two developments are still ongoing with launch dates yet to be revealed.

If the coin is able to break the $5.0 resistance level, it is likely that it will continue soaring and establish a higher support level. Currently, its support level is around $3.0 and it needs to go higher so the coin doesn’t keep being pulled back. The coin recorded its all-time high in January when it hit 26.41. Although most coins almost lost all their value within the first months of the year, OmiseGo (OMG) was stable in the first months and only began shedding value in April. Before April, the bullish market was defending the coin, and though it had fallen a couple of times below $10, they always pulled it back up. At the beginning of April, the coin was trading for $15. This coin still holds much potential and its bullish market has proven that it is ready to fight for it.

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