Since the beginning of August, the crypto community has seen a rejuvenation in the market as Bitcoin has boomed to new highs, Neo has soared from a mere $7 all the way up to $60, and relatively unknown OmiseGo has seen its own price quadruple since the first of the month.
What exactly is OmiseGo?
OmiseGo is a proof-of-stake consensus blockchain based on the Ethereum network whose board of advisors consists of some of the most well-respected faces in crypto, including none other than Vitalik Buterin, Dr. Gavin Wood, Roger Ver, Joseph Poon, Jae Kwon, and Julian Zawistowski. The vision of the OmiseGo team is to create a decentralized exchange along with a White-label e-wallet that will allow for digital transfers of currencies and assets, while also functioning as a payment platform for everyday use. The OmiseGo project is actually an extension of the Southeast Asian-based company Omise that was founded in 2013 as a payment service between businesses and individuals. They currently handle over $500 million USD in transactions each day, which bodes well for the potential adoption of the OmiseGo project.
Chart Analysis of OmiseGo
OmiseGo’s 4-hour chart shows that it has been consolidating into a bullish contracting triangle over the last couple of weeks. The RSI has been decreasing over this period, but recently appears to be making an attempt to trend upward. Another indicator to keep an eye on is the Fisher Transform by Ehlers, which, despite decreasing in wave height, has maintained its floor at -2.0. As long as this floor holds, and the Fisher bounces up above 0, a breakout to the upside appears to be in the cards.
What’s next for the OmiseGo Project?
At this stage, OmiseGo like many other crypto projects is merely a concept as the team has not yet completed a functioning blockchain or e-wallet for the platform. This should be forthcoming though, as their website states that these are to be finished during Q4 of 2017. In addition, the team has announced a partnership with McDonald’s in Thailand, which figures to aid in adoption and use of the OmiseGo platform within the region.
Disclaimer: This is not investment advice, it is merely an opinion for informational purposes. Investing is a risky matter, people should do their own research and we are not liable for potential losses.
