OMG Network Price Prediction 2021 – Will OMG Hit $15 Soon?

This OMG Network (OMG) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our OMG price analysis and prediction.

There are various cryptocurrencies that rose to a new all-time during this 2021 bull run. In contrast, some crypto assets also faced a price drop. As a result, many digital currency traders are worried about whether it is time to hold or sell their digital assets. This is also the same situation that crypto traders could experience in OMG.

Nevertheless, the crypto market is consolidating lately, and many cryptocurrencies are losing their previous profits. Will OMG experience the same price volatility? We’ll find out shortly in this OMG price analysis 2021 article. But first, let’s have a look at what OMG is.

What is OMG Network (OMG)?

OMG network is known as OmiseGo, a non-custodial layer-2 scaling solution developed for Ethereum blockchain. Moreover, an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly quicker and cheaper than transacting directly on the ETH network.

Moreover, the network is related to a novel scaling solution called MoreViable Plasma, that uses a sidechain architecture to combine several transactions off-chain into a batch. Further, which could be verified as a single transaction on the Ethereum root chain.

As per the OMG Network, this technology has the potential to scale Ethereum to thousands of transactions per second (TPS). Rather than, 10 to 14 tps Ethereum 1.0 is currently capable of. Added to this, the network is powered by the OMG utility token, that can be used as one of the payment methods for fees on the OMG Network. This will slowly be stakable — helping to secure the ecosystem in return for rewards. 

Now that we are clear about OMG do you think OMG will be beneficial crypto in 2021? Join me and let us see the charts in this OMG price analysis and OMG price prediction.

OMG Current Market Status

As of the time of writing this OMG price analysis, OMG trades at $3.57 with a 24-hour trading volume of $151,939,576. The price of OMG has increased by 2.34% in the last 24 hours.

Furthermore, OMG has a current circulating supply of 140,245,398.25 OMG. Currently, the top cryptocurrency exchanges for OMG are Binance, OKEx, Huobi Global, CoinTiger, and FTX.

Now, let’s go to the next part of this OMG technical analysis for 2021.

OMG Price Analysis

Currently, OMG holds the 98th place on CoinGecko. But will the latest upgrades, development, and changes in the OMG blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this OMG price prediction article.

In the chart above, which is set in a daily time frame, we can see the Descending Triangle pattern. This is an important indicator since OMG has been showing bearish over the past month. Consequently, the descending triangle pattern hints that OMG will finally go bearish

In the foreseeable future, we can say that OMG has a higher chance of going bearish than bullish. As shown above, at the beginning of this month, OMG turned from its bear to bull trend. This is the result of the high trade volume that happened in that period.

The Relative Strength Index (RSI) is above 35, which means that ONE is in a nearly oversold state. Keeping all this in mind, traders can be aware and move away from unexpected losses due to the crypto market’s wild swings.

Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of OMG.

Since the start of 2021, OMG’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, OMG has a competitive market this 2021.

OMG Price Prediction

The chart below shows that OMG has performed great over the past few days. Moreover, the ONE price shows a bullish trend. If this trend continues, OMG might run along with the bulls, overtaking its $10 resistance level and move higher.

Conversely, if the investors turn against the crypto, the bears might take over and push OMG from its uptrend position. In simpler terms, the price of OMG might decrease to almost $2.95, a bearish signal.

Meanwhile, our long-term OMG price prediction 2021 is bullish. It has a high possibility of reaching new heights. However, that will only happen if it breaks many previous psychological resistances.

Conclusion

Harmony has a bright future ahead of it in 2021. With the ongoing developments happening within the OMG ecosystem, as well as in the overall crypto market, we may see OMG reach new heights.

Bullish OMG price prediction 2021 is $10. As said above, it may even reach $15 if investors have decided that OMG is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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Source: https://coinquora.com/omg-network-price-prediction-2021/