The OmiseGO price has been increasing since May 8, having done so by 205%. The rate of increase greatly accelerated on May 15, and the movement has become parabolic since.It is possible that the reason for this accelerated increase was the listing on Coinbase, as evidenced by @Lawmaster, who stated that the coin has increased by 176% since being launched on Coinbase on May 14. The daily chart better reveals just how potent the upward movement has been. The price is currently in the process of generating the third massive bullish engulfing candlestick in a row. In addition, these candles have been combined with very significant volume. At the time of writing, the price was trading inside the 22,000 satoshi resistance area. The next closest resistance and support levels are found at 31,000 and 17,000 satoshis. While the RSI is overbought, it has yet to generate any bearish divergence, so it is possible that the upward move will continue.
Elliott FormationThe price movement since the increase began is very akin to a five wave Elliott formation with an extended fifth wave. If so, the price has already completed it and has now begun its corrective period. A regular A-B-C correction would cause the price to bounce on the 17,000 satoshi support outlined from the previous section and eventually settle down somewhere between the 0.5-0.618 Fib levels of the entire upward move between 13,500-15,500 satoshis. The volume pattern fits with the outlined wave count. Volume was the highest during wave 3 and began to decrease during the top of wave 5. Furthermore, it was much higher during the ensuing decrease. As of right now, the price is following a very steep ascending support line. While it could bounce once it drops towards it, a breakdown from it would likely initiate the correction outlined previously. To conclude, the OMG price has possibly reached the top of a five wave Elliott formation and will soon begin its corrective movement.
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