It was a wild summer OmiseGo OMG! OmiseGo had a very good run caused by the well orchestrated hype marketing campaign with all those Vitalik and Google 0.14% selfies. The price rocketed and probably made many millionaires overnight.
This surprised a lot of people, including the OmiseGo guys themselves, why?
Because the most important thing to know about OMG is that
currently there is NO working product behind OMG.
The potential is huge, no doubt about it, but the roadmap is very, very long.
Long time people were very confused about a lot of positive news involving OMG, but actually coming from Omise. Only many weeks later, everyone realised Omise and OmiseGo are two different entities, and that even if 1. Omise is a very successful company and 2. OMG will help Omise become even more successful in the next years, for the time being there is nothing much to do with the OMG coins.
When this realisation hit, people started to sell, big time.
So here we are today. OMG was is downtrend for the past months and now it looks like it's finishing the bottoming pattern, the inversed head & shoulders .
Sooner or later, OMG should be ready to start another cycle.
When that happens, hard to say. The next notable fundamental news and roadmap milestone for OMG should be happening in summer 2018. Then you would be able to stake your OMG tokens, meaning generate a few percentage of more tokens automatically. This ia interesting for a lot of people, even if it's a low percentage and you need quite a big stack of coins for this.
Looking at the day chart, I see a sideways move at the moment. we have good support at 90 levels, and even stronger support at 60 levels. There is indeed a good chance the price (in BTC 2.52% ) can visit the 60 - 70 levels.
So in conclusion:
If you are already in it, a.k.a. Long HODLer, depending on your entry price, keep holding, but keep in mind, it might take a longer than a few months until the price goes back up.
if you are not into this yet, but you believe in OMG on the long term, you can definitely think about starting building a position as shown in the chart
a) first part of your money now agressively on the bottom of the range (90 levels).
b) another buy at 70 levels in case it goes there.
c) Keep the rest for when we break the range.
Let me know if that was helpful or if you see it otherwise.
Thanks!
will it drop further
good chances to drop further