Category: OMG Network

Top 3 Coins to Watch Today: XRP, CHZ, OMG – August 3 Trading Analysis

Post author By Malik Junaid
Post date August 3, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform known as RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the aforementioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 6^th cryptocurrency globally and the current price is US$0.3754. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP printed some gains during Q1 and Q2 after moving sideways for the past few weeks. The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.

However, bulls are showing some interest at the 73% retracement, near $0.3610. If this level breaks, a move into possible support – just below the lows near $0.3245 – seems likely.

If the price does rally through the swing high at $0.3955 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.4250.

Overlapping swing highs and lows near $0.4526 may provide the next target, where bears immediately forced the price down in late December.

More bullish market conditions could shift targets to up near the midpoint of Q1’s consolidation, around $0.5132, where higher timeframes show an inefficiently traded zone.

2. Chiliz (CHZ)

Chiliz CHZ is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform, Socios.com. Here, fans can purchase and trade branded fan tokens as well as having the ability to participate, influence, and vote in club-focused surveys and polls. Founded in Malta in 2018, the company states its vision is to bridge the gap between active and passive fans, providing millions of sports fanatics with a fan token that acts as a tokenised share of influence.

CHZ Price Analysis

At the time of writing, CHZ is ranked the 60^th cryptocurrency globally and the current price is US$0.1423. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHZ‘s stunning rally to $0.1650 plummeted over 23% last week to sweep consolidation lows at $0.1055. This could set the stage for a new bullish cycle to begin.

The price is currently balancing around the monthly open. A quick stop run into support beginning near $0.1420 could set the stage for a move into the daily gap beginning near $0.1705, potentially reaching resistance near $0.1837.

A sweep of the highs near $0.1958, followed by a sharp sell-off, hints that bulls are preparing to run the swing high near $0.2147. This run could find the next resistance around $0.2346 in the candle wick that created the monthly high. If the market remains bullish, the price will likely reach into possible resistance near $0.2528.

3. Omg Network (OMG)

Omg Network OMG, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and more cheaply than when transacting directly on the Ethereum network. The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stackable – helping to secure the network in return for rewards.

OMG Price Analysis

At the time of writing, OMG is ranked the 110^th cryptocurrency globally and the current price is US$2.21. Let’s take a look at the chart below for price analysis:

Source: TradingView

OMG‘s 37% drop has filled the June monthly gap twice as the price consolidated between $1.82 and $2.40.

The price’s current region, between $2.20 and $2.35 and just under the monthly open, could continue to give support. If this area holds, the cluster of relatively equal range highs up to $2.60 is a likely target.

An animated move through these highs could reach up to the daily gap beginning at $2.85. The area between $2.96 and $3.10 provides a likely cap for a move into this zone.

A drop lower could be a run-on stop under $2.00 and find support near $1.94. If this level is lost, the swing low at $1.85 is a likely target, with $1.79 possibly giving support.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Crypto News Decentraland Market Analysis OMG Network Stellar Trading

Top 3 Coins to Watch Today: MANA, OMG, XLM – March 21 Trading Analysis

Post author By Malik Junaid
Post date March 21, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 32^nd cryptocurrency globally and the current price is US$2.41. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a monthly high during February before retracing 35% to the low at $2.30 last week.

The price broke through resistance near $2.45, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.37. However, a drop this far increases the chances of a stop run to $2.32 and possibly into support near $2.25. For now, continuing bullish market conditions could help $2.40 become support.

The swing high around $2.73 gives bulls a reasonable first target, with $2.88 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.00 or $3.10 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $3.16.

2. Omg Network (OMG)

OMG Price Analysis

At the time of writing, OMG is ranked the 100^th cryptocurrency globally and the current price is US$4.86. Let’s take a look at the chart below for price analysis:

Source: TradingView

OMG‘s 35% drop has filled the March monthly gap twice as the price consolidated between $3.82 and $4.90.

The price’s current region, between $4.71 and $4.60 and just under the monthly open, could continue to give support. If this area continues to hold, the cluster of relatively equal range highs up to $5.10 is a likely target.

An animated move through these highs could reach up to the daily gap beginning at $5.15. The area between $5.33 and $5.59 provides a likely cap for a move into this zone.

A drop lower could be a run-on stop under $4.50 and find support near $4.43. If this level is lost, the swing low at $4.31 is a likely target, with $4.12 possibly giving support.

3. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.

XLM Price Analysis

At the time of writing, XLM is ranked the 29^th cryptocurrency globally and the current price is US$0.1955. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.2857 in early February before retracing nearly 45% to find a low near $0.1680. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near $0.2478 is slowing the bullish advance down. However, another leg might target the last swing high at $0.2722 and relatively equal highs at $0.3036. Resistance near $0.3259 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.3826.

A retracement before a move higher might find support in the daily gap near $0.1843, just above the monthly open. Relatively equal lows near $0.1775 could also provide support. Run-on stops at $0.1705 and $0.1653 might find support in the gap beginning near $0.1600 or a high-timeframe level near $0.1510.

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Where to Buy or Trade Altcoins?

Crypto News Decentraland Market Analysis OMG Network Trading Waves

Top 3 Coins to Watch Today: OMG, MANA, WAVES – March 3 Trading Analysis

Post author By Malik Junaid
Post date March 3, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Omg Network (OMG)

OMG Price Analysis

At the time of writing, OMG is ranked the 104^th cryptocurrency globally and the current price is US$4.51. Let’s take a look at the chart below for price analysis:

Source: TradingView

OMG‘s 45% drop has filled the February monthly gap twice as the price consolidated between $3.88 and $4.70.

The price’s current region, between $4.41 and $4.27 and just under the monthly open, could continue to give support. If this area continues to hold, the cluster of relatively equal range highs up to $5.12 is a likely target.

An animated move through these highs could reach up to the daily gap beginning at $5.31. The area between $5.73 and $6.19 provides a likely cap for a move into this zone.

A drop lower could be a run-on stop under $4.10 and find support near $3.94. If this level is lost, the swing low at $3.82 is a likely target, with $3.69 possibly giving support.

2. Decentraland (MANA)

MANA Price Analysis

At the time of writing, MANA is ranked the 31^st cryptocurrency globally and the current price is US$2.76. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a monthly high during February before retracing 35% to the low at $2.50 last week.

The price broke through resistance near $2.53, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.48. However, a drop this far increases the chances of a stop run to $2.42 and possibly into support near $2.37. For now, continuing bullish market conditions could help $2.67 become support.

The swing high around $2.90 gives bulls a reasonable first target, with $3.12 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.22 or $3.25 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $3.35.

3. Waves (WAVES)

WAVES is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts. The platform has undergone various changes and added new spin-off features to build on its original design. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards. Waves initially set out to improve on the first blockchain platforms by increasing speed, utility, and user-friendliness.

WAVES Price Analysis

At the time of writing, WAVES is ranked the 54^th cryptocurrency globally and the current price is US$17.52. Let’s take a look at the chart below for price analysis:

Source: TradingView

During December’s high, WAVES‘ 40% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $15.88 and $14.35 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce.

Long-term consolidation suggests that the areas near $19.45 and $20.61 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $22.77, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $25.42, the start of the bearish move.

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