OmiseGo (OMG) Summary: It is very quiet around the project but that could be a blessing in disguise
OmiseGo price action was all over the place throughout this pas period. September 5th saw the currency peak at $4.23 with trading volume ranging above $70 million. OMG plummeted from there, reaching $3.08 at the lowest point of the month. It has been a pretty mixed bag for the currency ever since, as it had a couple of distinct rises and falls before getting to its today’s values.
OmiseGo can be purchased for $3.45 USD (-0.42% drop in the last 24 hours)/0.00052661 BTC (-0.15% drop in the last 24 hours). This value is 87.65% lower than the currency’s all time high of $27.76. Daily trade volume is currently at $46,281,433, with most of that coming from Bithumb (25%), CEX (10%) and Huobi (18%). With a market cap of $483,201,296, OmiseGo is currently the 22nd most valuable cryptocurrency in the world.
Trader alanmasters believes OmiseGo might have actually reached its bottom:
Let’s start with the general chart structure. We have the top peak reached around April 2017, after which starts the decline. What I want you to notice here is how the candles start to form a curve. First the price starts to drop hard and then it starts curving. Looking at the far right of the chart, you can see the negative 9 count on the TD -0.42% sequential, ending with a “Hammer candlestick”, which is a bullish reversal candle when it shows up at the bottom of a trend. You can also notice the #1 and #2 candles, the last two candles on the chart, which are Dojis, reversal candles. Supported by above average green volume, the highest volume since April. * These are signals that can point to an upcoming change of trend. You can also see the MACD curving, which is the first indicator from top to bottom. The blue line is forming a curve… Same with RSI and STOCH which are now oversold. You will be able to see these better on the daily time frame chart below.
His analysis describes this in more detail and gives an overview of the daily OmiseGo chart while containing actual trading suggestions so do check that out here.
OmiseGo has been picking up the pace as of late. A Plasma update #4 was released a couple of weeks ago by the development team and it made many community members happy about where the project is at currently and where it’s headed next. Overall, work has been done on the smart contracts, with Plasma MVP root chain contracts almost ready for auditing. Development continues on the Watcher, which plays a key role in the Plasma construction. The Watcher serves as a more accessible interface to the child chain. Furthermore, work has been done on mass exits, BLS signatures, LearnPlasma, sparse merkle trees. You can check out the complete list of updates that were made on Plasma in this Reddit thread.
October 1st saw the project release a community update for September 2018. On the technical side, work has been done on the OMG DEX. The team held a workshop in Warsaw where the team got the opportunity to reassess their design choices and balance out short-term priorities regarding the matter. Ultimately, the team will be looking to create a trustless, secure, transparent, uncensorable and liquid platform in OMG DEX; check out this link to see how they plan on doing that.
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Work was done on the eWallet Suite and there were more details regarding Plasma. Tesuji Plasma will be the first iteration of the scalability infrastructure and will contain the following features:
- Proof of Authority run on OmiseGO servers
- Exit to Ethereum for final safety
- CLI (command line interface) to monitor the child chain
- Multiple currencies (initially this means ETH and ERC-20)
- Atomic swap support
The first four done and released on the internal testnet, with atomic swaps treated as a less relevant feature that’ll be added later.
Community contributor @JonathanWillems, calling himself Cryptographics, recently made an OmiseGo infographic which got recognized by the teams community managers.
Putting words to what #crypto is capable of can be tricky – which is where pictures come in! Thank you @JonathanWillems for applying your considerable #visualthinking talent to the OMG vision (not to mention @HNS @golemproject @AugurProject and more) #community #madskillz? https://t.co/6pDeazvKMD
— OmiseGO (@omise_go) September 28, 2018
Other community-related tidbits worth mentioning are the highlights from a meet up in Warsaw, where several Ethereum based projects (Golem, OmiseGo and Hoard) had an exchange of ideas regarding topics like computing power marketplace, Plasma, and each individual project’s ability to contribute to the future of blockchain technology.
Finally up! Watch @omise_go @hoardexchange, @imapp_pl and of course Us 🙂 at the Ethereum Meetup Poland a few weeks ago. Can’t wait for the next one. https://t.co/4gXJpwyrII
— golem (@golemproject) October 1, 2018
A couple of workshops and an appearance on FIN/SUM x REG/SUM in Tokyo from 25th–28th September 2018 close off the community activities.
The general community seems to be rallying around the project regarding its recent miscommunications, missed deadlines and a general sense of vagueness which had several vocal detractors call the project out. This, this and this post clearly suggest that even though some things didn’t go as planned (lack of progress on staking and a misunderstood roadmap for Q3 seem to be the biggest issues), a lot of work has still been done; the community feels that OmiseGo can use the experience to grow into a better project.
But as one Redditor explains it in this post, when things settle and the buzz around the project slows down a couple of notches, it usually results in great outcomes in the long run, a claim that he further strengthens with an example of Ethereum and its development process.
And while the opinions on the issues at hand do vary greatly, it’s in everyone’s best interest to discuss said issues in a civil and reasonable manner. There are reasons to be upset about OmiseGo but the project has shown signs of progress in the past; it’s likely that they’ll be much more accurate with their future goals, considering the backlash they received for their past failings. Remaining transparent and working to deliver what was promised should be the projects focus in the upcoming period, if they want to keep their loyal and supportive community.
