OMG/ETH - Different view on how the ERC-20 coins are acting against ETHsteemCreated with Sketch.

in eth •  13 days ago

One thing stands out here. ETH is getting outplayed in its own court lately.

uzmbfpyN.png

OMG, an ethereum based token, clearly has been performing very well considering Ethereum has been in a downward spiral into the abyss as of late. There are many other ERC-20 tokens showing the same pattern. For this example, we will work with the OMG chart. It is a good indication that most of these projects are starting to distance themselves. Not sure if thats good or bad. It could be that most of the ICO projects are selling off their ETH still in massive profit meanwhile the alts are mainly just following what BTC does. Overall, this isn't a buy or sell into OMG. This is just to point out ETH is not looking good against its own.

Current view of ETH:

pLEcCdP1.png

Still the easiest chart to analyze. Hit the measured minimum target out of the symmetrical triangle with big volume as expected. Seems like its consolidating some more preparing for another leg down. We are showing some bullish divergence on your MACD so maybe we can briefly rally a bit before then. I don't expect anything major so I wouldn't start getting too excited but the opportunity is there for a move up a bit.

How would this effect all the other ERC-20 tokens?

Well, to make it short, start releasing something other than white papers to keep the community more involved and motivated for the long term investors, or I'm afraid they will start to fall alongside ETH. You must always be skeptical. If in fact the other ERC-20 tokens aren't rising against ETH, it might be a warning sign to re-evaluate if your investment will actually produce something valuable. OMG is no exception. As of now, we're looking good. The big test will be their upcoming grocery list of releases later this year. They must keep their end of the bargain to avoid the plunge into oblivion. A few big ones: Plasma MVP, cash in/cash out, back end DEX with atomic swaps, hard spoon with Cosmos and their eWallet with staking. Plasma will be of the biggies. This will make the OMG more independent and will rely less on the ETH. By the looks of it, they should be releasing Plasma soon. This should help ETH's biggest problem, scaling. Maybe OMG could be the saving graces for ETH. Couldn't hurt right?

Use this information as you please, but the main thing we can agree on here is that ETH is not in a good place right now. Hopefully soon it can surprise us with some great things to come in the future. For now, we can only sit back and let it run its course.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order: