The ECOMI price has rebounded sharply in the past 24 hours in line with the performance of other tokens. OMI, its native token, is trading at $0.0042, which is about 20% above the lowest level on Tuesday last week. It has a total market cap of about $2.5 billion, making it the 52nd biggest cryptocurrency in the world.
What is ECOMI?
ECOMI is a Singapore-based blockchain platform seeking to disrupt the digital collectibles industry. It runs a marketplace known as VeVe, which operates on Android and iOS platforms where people can list and sell collectibles. The apps also come with augmented reality features that make it easier for people to interact with one another in the digital space. It also lets them show people their collectibles on social media.
Therefore, ECOMI can be viewed as one of the leading players in the Non-Fungible Token (NFT) industry. Its ecosystem is enabled by OMI Tokens, which have a supply cap of 750 billion coins.
The OMI price is rising because of the overall strong performance of the cryptocurrency industry. In the past few hours, we have seen the prices of most coins jump, with Bitcoin soaring to $41,000. Other coins like Monero, Dash, and Arweave have also risen.
Another possible reason why the ECOMI price has risen is that the number of collectibles is rising. Today, the developers will launch the Marvel Digital Comics – Ms. Marvel collectibles for users to buy.
ECOMI price prediction
The four-hour chart shows that the OMI price declined and made a double-bottom pattern at about 0.0035 USDT. A double-bottom is usually a bullish sign. The coin has moved above the 25-day and 50-day moving average. It is also slightly below the key resistance at 0.0048 USDT, which was the lowest level on January 10th. The MACD has also moved slightly above the neutral line.
Therefore, this rebound seems like a dead cat bounce, meaning that the ECOMI price will likely resume the bearish trend. If this happens, the next key support level to watch will be the double-bottom at 0.0035 USDT. A break below this level will lead to more downside.