OmiseGo (OMG) June 10, 2019 Weekly Summary: Price Down 4.81%


Price Action

Over the past week, OmiseGo saw its price go down by -4.81%. It is below its 20 day moving average by 4.46%, so it’s slightly away. OmiseGo’s bullish momentum, if assessed by its distance from its 20 day moving average, is pretty far negative compared to the other coins we’re covering, and thus may be due for a correction upwards or some kind of a period of low volatility. Regarding volatility, OmiseGo is more volatile than roughly 47% of coins in our index, so it’s volatilty is about what you’d expect for a cryptocurrency in our index. Looking ahead, if the upcoming week mirrors the volatility of three past three weeks, the price range for OmiseGo in US dollars is expected to be between $1.789667 and $2.355333.

Where to trade Omisego (symbol: OMG): Gate, Yobit, Stex, Binance, DDEX, Ethfinex

Volume Update

In the week prior, the daily volume for OmiseGO has ranged between 232,950.5 and 1,149,675 currency units. In the three weeks prior, volume has steadily declined, but the trend in price is not as clear one way or the other. Over the past week, OmiseGO saw its trading turnover — which we define as average daily trading volume divided by circulating supply — register at 0.52%. Its trading turnover percentage is higher than about 20.62% of the coins we’re tracking, so it’s below average, and so there may be some risk that traders/investors have difficulty in getting in and out of positions.

Engagement Update

OmiseGo saw the number of wallets holding its coin go from 651,413 to 651,618 over the past week — a change of 0.03%. In terms of blockchain-recorded transactions made by these wallets since their inception, that number changed from 2,291,441 to 2,298,546, which translates to growth of 0.31% for the week. OmiseGo’s combined growth rate — meaning the sum of its growth rate in holders and transactions — is 0.34% which puts it ahead of 14.29% of the coins in our index. This could indicate that the coin’s usage is not growing much at all.

Technology Development Status

At the moment, OmiseGO has 30 repositories open to the public on GitHub, with the oldest one now being 4.77 years young. Its last public update to any of its repositories was within the past day, which is pretty good, as it suggests the coin is still under active and rapid technical development. OmiseGO’s public repositories collectively have a total of 670 watchers, which is pretty good, relatively speaking; specifically, that’s more than 64 % of the top 100 coins we’re looking at. The coin has 60 outstanding issues in the backlog awaiting to be addressed by the core development team. In comparison to the number of watchers it has, though, its open issues count is fairly mediocre. We consider the GitHub open issue/watcher ratio as a potential indicator of the healthiness of a coin’s software development process, and for OmiseGO we see that its issue/watcher ratio looks healthier than 52% of similar coins in our index.

OmiseGO News and Commentary

The top 2 themes being discussed about OmiseGO in the past week are listed below. Where available, we included a snippet of the article that we thought might be interesting.

Exploring Decentralized Solutions for Financial Services Providers in the Cayman

3 Cryptocurrencies that Might Be Going to the M

Key Extract:

New cryptocurrency investors are reluctant to invest in other crypto coins apart from big names like Bitcoin, Ethereum, etc.

Where to Buy

You can trade Omisego, listed under the symbol OMG, through the following exchanges: Gate, Yobit, Stex, Binance, DDEX, Ethfinex.

Article by SixJupiter

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