Sep 10, 2022 02:50
OMG has weakened from $6.26 to $1.59 since April 03, 2022, and the current price stands at $1.91.
OMG remains in a bear market, but the current price level represents good value for what you pay, and maybe now could be a good time to invest in this cryptocurrency.
OMG Network is a very promising project
OMG is the native cryptocurrency of the OMG Network (previously OmiseGo), a blockchain network built on top of the Ethereum blockchain that speeds up transaction times and reduces transaction fees by handling Ethereum transactions off of Ethereum’s main network.
The vision of this project is to integrate many electronic wallets using the OMG Network in order to provide banking services to those who have been excluded from the financial system.
OMG token has achieved an impressive gain in the last two weeks of March 2022, and it reached a price level above $6.20 on April 03.
Since then, the price has collapsed, daily trading volume has weakened; still, investors should consider that OMG Network is a very promising project, and the price of OMG could advance again to levels that we saw in April 2022.
According to OMG Network, this technology has the potential to scale Ethereum to thousands of transactions per second, which is way higher than what Ethereum can handle. As the adoption rate for Ethereum layer two solutions continues to rise, it will be a good thing for OMG Network as well.
On the other side, the cryptocurrency market sentiment has improved in the last twenty-four hours, and the crypto winter could soon come to an end.
Coinglass reported that just in the past 24 hours, more than $340 million crypto shorts were liquidated, which is the largest short liquidation for over a month.
Bitcoin is trading again above the $21,000 mark, pushing the total crypto market capitalization above $1 trillion as a recently hot US dollar cools some of its momentum. Dan Morehead, CEO of Pantera Capital, added:
We’ve been through three big bear market cycles. I actually think we hit the lows in June, and we are on to the next bull market. It might be rocky and might take a while, but I think we are on to the next leg of a rally.
Technical analysis
Technically looking, OMG remains in a bear market, but the current price level represents good value for what you pay, and maybe now could be a good time to invest in this cryptocurrency.
Data source: tradingview.com
If the price jumps above $2.5, it would be a signal to buy OMG, and we have the open way to a resistance level that stands at $3.
The important support level for OMG stands at $1.5, and if the price falls below it, the next price target could be $1.3.
Summary
OMG Network bridges the gap between centralized and decentralized financial networks and allows allows high throughput, low cost, and peer-to-peer transactions. OMG remains in a bear market, but the current price level could be a good entry point for long-term investors.
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