OmiseGo (OMG)  has exploded upward to start the week, breaking out of a long consolidation and accumulation phase and doubling in towards the $6.00 US Dollar level. This is a major bullish breakout of a long downtrend that so many altcoins have suffered from since the highs in early 2018. However, it was during that bear market that real Crypto projects and utility tokens, such as OmiseGo (rebranded to OmiseGo Network in 2020) have been writing code and building products behind the scenes. 

(Aug 20, 2020 7:30 PM EST)

As you can see in the OMG-USD weekly chart above, OMG has broken above the 50 Week EMA with rising volume in convincing fashion, invalidating the "long-term" downtrend. I quote "long term" because in the Crypto markets, things move so fast, what might happen over 2 years might normally take 10+ years in traditional equity markets. Now that OMG is trading above the 50 Week EMA, there should be a flurry of media attention which will drive in new and additional existing investors.

Short-term, OMG may reach as high as $10, which is a round number and should serve as psychological resistance before pulling back. It is overextended, so jumping in now would be chasing the trade. OMG just quadrupled in price over the last week or so; we should see it digest some of the gains for at least a little bit before resuming any sustained move to higher highs. 

Regarding medium-term price targets and resistance, let's take a look at the OMG-ETH weekly chart above (OMG is an ERC-20 token operating on the Ethereum network):

**Note** Because altcoins (OMG, in this case) trade very closely to the large-cap Crypto(s) they are paired with, we will analyze price targets, support, and resistance using this scale as opposed to fiat (US Dollar, Euro, GBP, etc.).

Looking back a few months, you can see the long-term bottom candle printed in April 2020. Shortly thereafter, some major buyers stepped in and bought the low, causing a multi-week rally wherein the price did a 3x before retracing nearly 100% of the move. However, this showed some bullish factors: high volume, indicating significant investor interest, a consecutive weeks of higher highs, breaking through (temporarily) the 50 Week EMA, and a slow descent from the abrupt move higher, Only 2 weeks ago, the retracement of the May spike concluded, forming a double-bottom and a higher on the weekly timeframe.  

Looking ahead, this is a buy on the dips scenario, with medium- to longer-term investors looking to add on pullbacks, particularly the 0.0088 ETH level and ultimately ~0.0062 ETH. In just a few days, OMG has impressively crested both the 50 Week EMA AND the 100 Week EMA. As long as it holds the 50 Week at roughly 0.009 ETH, probability is in favor of OMG having concluded its secular bear cycle and turning the tides. Next immediate resistance is likely the April 2019 highs around 0.015 ETH. If OMG can break above that, look for recurring resistance at roughly every 0.005 ETH interval. Keep in mind, there may be some bitter retail investors from January 2018 looking to finally sell their OMG at breakeven, if they haven't already sold for a loss over the past 3 years.

If OMG can achieve what it's designed and built to do, "long-term" price targets of 0.03 and 0.035 ETH unseen since early 2018 are within the realm of possibility. If multi-year logarithmic price projections for Ethereum are even remotely accurate and ETH rises to high four figures, say $8,000, and OMG peaks at 0.03 OMG/ETH, 1 OMG token would be worth ~$240. If ETH 2.0 is a wild success peaks at $12,000, and OMG sees continued major adoption by the likes of Toyota and other conglomerates in southeast Asia and makes a new OMG/ETH all-time high of 0.04 ETH, this would result in a price of $480 per OMG token. 

Finally, note that while Bitcoin has already climbed back 60% of the way to its previous all-time high, ETH is still down almost 70% from its January 2018 all-time high of $1,400, so ETH will probably have to continue its move up first before OMG and other ERC-20 tokens follow. Longer-term, the sky is the limit for OMG, tailwinds being ETH 2.0's late 2020 launch, Tether migrating all their volume onto the OMG network, OMG's native Plasma, and OMG's Proof of Stake consensus mechanism, which is nearing completion. Fortunately, underlying Ethereum has the greatest mind-share of developers and most active blockchain developer community, and the OMG Network team has been grinding day in, day out for the past 4 years, believing in and building a product that has already announced significant network adoption. 

I don't want to speak too soon, but it's starting to feel a little like Q1 2017 in here. 

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