KEY POINTS
- Zilliqa (ZIL) and OmiseGO (OMG) tokens have noteworthy price rally since March
- Both tokens are due for a correction soon
- OMG got listed on Coinbase, triggering the price rally
The 35th ranked cryptocurrency Zilliqa (ZIL) posted a 17% increase in the 1D chart, but this is overshadowed by a gigantic 953% upsurge from March 2020, reaching as high as $0.025. ZIL is currently at $0.024 but RSI is flashing oversold. The resistance at $0.022 might become a daily support but if it breaks, ZIL might correct further downward at $0.015.
If $0.022 becomes the support, ZIL might face trouble breaking $0.025. But if it does break it, the next resistance is seen at the $0.035 to $0.040 level. A correction might be on the way for ZIL since there is no major news announcement apart from Binance announcing ZIL becoming available for Isolated Margin Trading.
While ZIL had no major news, OmiseGO (OMG) banked on being listed in Coinbase, the largest exchange in the United States. Anytime Coinbase announces a new listing, the token experiences an upsurge in value, except maybe that one time with EOS and XRP.
zilusdt by vmislos on TradingView.com
OMG’s upsurge began on May 12, reaching above $2 on May 22. This proved to be a strong resistance, which the token tried breaking last June 2019. OMG saw an upsurge of 230% in the last month.
The Coinbase hype for OMG happened twice. The first was related to Coinbase Pro users being able to do inbound OMG transfers. The second was this week when Coinbase announced a full inclusion of OMG in its system, allowing anyone to buy and sell the crypto in the U.S., except in New York.
The other big news for OMG is when its Layer-2 solution OMG Network will be used by crypto company Bitfinex for its USDT stablecoin. The Thailand-based company offers a Layer-2 solution for transferring value on Ethereum and can be used for payments, settlements, and even loyalty points.
OMGUSD by vmislos on TradingView.com
OMG’s market cap stands at $232 million. While the upsurge to $2 is a major increase in OMG’s value, the token is still 92% below its all-time high price of $26.35. With the entire crypto market dependent on Bitcoin’s price action, it might take time for OMG to visit those levels. OMG is poised to run sideways for the meantime until RSI goes back to normal levels. Immediate support is at $1.5 and $1.35 respectively. Resistances can be found at the $2 and $2.5.