Crypto Markets Are Heating Up: One Crypto You Need To Buy
It’s Not Always About Bitcoin
The cryptocurrency market is beginning to heat up. Beginning with Bitcoin, the market is moving up from confirmed support and looks ready to tackle the next resistance level. Moving out to the broader market, there are other coins on the move and not just because BTC is getting stronger. The entire Ethereum complex is also showing signs of strength and due to one all-encompassing factor. Ethereum is about to get the 2.0 upgrade we’ve all be waiting for the last three years. I’m not saying it’s coming for sure, but the indications are the team is on track and has consensus.
One way to tell the market is heating up is to look at the news feed associated with ETH that comes with most charting packages. The market talk is all bullish and that means one thing… people are buying this token. The reason is the upcoming upgrade, an upgrade that includes the switch from PoW mining to PoS mining. bottom line, people are buying Ethereum and that is not likely to slow down soon. The way I see it, once the upgrade is proven successful uninvolved money will start to grow interested in setting up an ETH stake.
But, more to the point, there are other tokens on the rise as the upgrade draws near. For them, the 2.0 network means they will be able to come closer to fulfilling their original vision, a vison that has been hampered by Eth’s slow transaction speeds, less-than-ideal security, and high costs. One of these is OmiseGo. OmiseGo is one of the first Ethereum-based applications and possibly the best-positioned for gains in the wake of an upgrade. OmiseGo is, in effect, a method for near-instant seamless cross-border transactions of virtually any form of currency.
The chart says it all, this is a token on the move and ready to move higher. Today’s action confirms a new, higher support level at previous resistance with a strong green candle. The indicators are mixed but set up to fire trend-following signals as price action moves higher. This signal will likely take price action up to the $2.00 or $2.20 level in the near-term if not higher. The risk for traders is simple, any bad or negative news about the upgrade could deflate the entire market.
