OAX price: Is this obscure cryptocurrency a good buy?

OAX price: Is this obscure cryptocurrency a good buy?

By Crispus Nyaga - min read

OAX price has been in a strong bullish trend in the past few weeks, becoming one of the best-performing cryptocurrencies in the world. It has jumped by more than 1,530% from its lowest level in June, bringing its total market cap to more than $25 million. So, is OAX a good buy or sell?

What is OAX and why is it rising?

OAX is a blockchain project that seeks to improve the digital asset ecosystem by solving some of the biggest challenges in the industry. Its platform helps to increase efficiency, transparency, and promotes high standards of governance. In particular, the platform’s goal is more geared towards the decentralized finance (DeFi) industry.

Still, unlike other blockchain projects, the use case for OAX is not yet known. A quick look at the website shows nothing much about it. There is no white paper and the content in the website does not show much details about what it does. There is also no details about its ecosystem.

So, why is this obscure cryptocurrency soaring? It is not clear why OAX has been in a strong bullish trend in the past few weeks. A quick look at its coverage also shows nothing meaningful. Therefore, a possible reason is that this could be a pump and dump scheme.

This is a scheme where a small group of people push a coin or any other asset, let it soar, and then dump it. As a result, many buyers are left holding the bag. We have seen such pumps and dumps several times recently. For example, on Friday, Hong Kong’s authorities charged a group of 13 people with carrying such a scheme. 

OAX price prediction

The daily chart shows that OAX has been in a strong bullish trend in the past few months. It has surged by more than 1,600% from the lowest point in June. Along the way, it has risen above all moving averages and all important resistance levels. Oscillators have continued rising. 

In my view, I believe that this bull run is not sustainable, especially if its cause is an ongoing pump and dump scheme. Therefore, there is a likelihood that the coin will start falling in October as buyers start taking profits.

How to buy OAX

As OAX is such a new asset, it's yet to be listed on major exchanges. You can still purchase OAX using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy OAX right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it's one of the world's leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It's also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You'll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and 'connect' your wallet to it.

4. You can now swap your ETH for OAX

Now that you're connected, you'll be able to swap for 100s of coins including OAX.