OmiseGo (OMG) and Vechain (VEN) March 18, 2018
OmiseGo continues to face a massive drop in the last week as it saw its price go below $9 for the first time this Friday but bounced back to close the day at $9.86 according to Coinmarketcap. This recent OMG price action shows an upcoming bearish trend as the triangular patterns in the candlesticks price charts of OMG speculates a strong willingness to sell by investors and traders of the token. The indication is totally subjective given the overall trend in the market is bearish after the bullish run in January this year.
OMG’s daily chart asymmetric triangle price lines are shown in green and red lines below. The chart shows that the 10-day average has been increasing consistently with a hope to bounce back after a month drop in price which further indicates the ability of OMG’s market trend to move back upwards as the plasma powered token aims $20 in 2018.
OMG offers its traders and investors a hope to make massive gains even in a time of uncertainty and bloodshed in the cryptocurrency arena. The coin trend lines show a possible dip in price in the coming days with volumes traded decreasing.
The token has so far traded worse than the S&P 500 index for the past month for the first time since development of OmiseGo BLOCKCHAIN. The red line in the chart above from Bitfinex exchange shows that the S&P 500 companies increased returns by 2% in the last month compared to a 50% slash of OMG token’s value in the past month. However, at a price of $9.30, the coin offers willing investors a chance at buying on the cheap in the coming days as the coin looks to dip below the triangle pattern of the 10-day average price as volume traded decreases.
VeChain (VEN) round up – March 18, 2018
VeChain (VEN) is showing a similar price trend to OmiseGo (OMG) as the coin dropped by over 16% on March 18, 2018 to close the day below $3.50 for the first time in over two weeks since the recent cryptocurrency bloodbath in February. The weekly chart below shows the price action of the VEN/BTC pair on Binance. The chart exhibits a nice cup and handle pattern that shows the downward movement in volume traded in VEN/BTC for the past 3 weeks as the market faced a massive sell off in the market.
Volume traded shows and uptrend showing increased trading as the coin aims stability in its price. A stop order can be placed on the upper trend line of the handle (red-dotted line) as the price breaks the resistance in pattern. VeChain investors may choose to wait for the price to break the uptrend as the weekly chart shows.
The recent efforts of the development’s team networking and building partnerships may be the key to VeChain (VEN) returning to above $10 in 2018 as the technical analysis of the coin shows.