After Bitcoin breached its previous all-time high price and reach the new ATH of around USD 67,000, it retraced towards 60K. Most cryptocurrencies did also fall back towards their respective support areas. On the other hand, many cryptos managed to rise high and increase by more than 20% in a single day. In this article, we talk about those Crypto ups and have a macro look at their technicals.
#3 OMG Network
OMG Network was previously known as Omisego. It is a layer-2 scaling solution for the Ethereum blockchain. OMG Network aims to allow users the transfer of ETH and even other ERC-20 tokens in a fast and cheap way. They use a sidechain infrastructure to group microtransactions in a single block, which in turn gets verified as a single transaction. OMG is a utility token, allowing users to pay for the fees of the network, and can be stakable.
Looking at figure 1, we can see how the OMG token has been steadily rising after reaching a strong support level of around USD 3. Today, prices are around USD 16 and are aiming for their previous ATH of USD 18.1.
IoTeX aims to connect physical objects (things) to the internet but in a decentralized ecosystem. Instead of relying on a centralized entity that would link our surroundings to the internet, IoTeX would do so by connecting a distributed ledger that would act as the link between our “things” and the “internet”. This project aims to create an open ecosystem where people and machines can interact with guaranteed trust, free will, and under properly designed economic incentives.
In figure 2, we notice how the IOTX token has been also soaring in valuation. Since November, the token made more than 300%, and that’s after adjusting heavily.
Flexa Network is a company that allows payments with cryptographic guarantees in traditional providers. In this way, supported cryptocurrencies such as BTC, ETH, and others can be used to pay for goods and services, while the provider receives the payment in fiat currency. Flexa uses its AMP token to guarantee crypto payments while it is confirmed in the respective digital asset networks and the payment is settled to the recipient in fiat. This solves some issues that have affected the crypto ecosystem, such as slow confirmation times across networks, price volatility, and wide adoption.
In figure 3, we can see how AMP’s price has been soaring since the beginning of the month and is currently up by more than 50% since November 2021.