OMG Network, the rebranded version of OmiseGo, is another example of a cryptocurrency that got positively affected by the so-called DeFi craze, led by Ethereum, although from the fundamental standpoint, OMG is only indirectly related to the space of decentralized finance. In any case, fundamentally, the progress of OMG Network as the blockchain ecosystem, hence the development of its price, will depend on that of the second cryptocurrency and the expected launch of Ethereum 2.0, as OMG utilizes it as the final arbitration layer.
However, as you can see on the comparison chart below, there have been some discrepancies lately between the price action of OMG and ETH that seem to have been closely correlated prior to the March market crash. Despite that, both cryptocurrencies agree upon the general direction of price development, so if Ethereum is to keep its bullish attitude, OMG Network is likely to follow its suit, perhaps with some lags.
OMG/ETH comparison chart
Regardless of its relations with Ethereum, over the past year, OMG Network had proven itself as a respectable gainer that had made a strong recovery after the coronavirus flash crash in March and gladdened the holders with 116% price appreciation in a year, and a superb performance over the past week when the value of OMG got inflated by 55.7%, which translated to a massive green candle you can witness on the weekly chart below.
1-week OMG/USDT chart
Here you can see that the price had predictably bounced off the support at $1.36 and headed upward, where it appears to be rejected at $2.6, the peak of the previous big bull rally that was reached last July. On the macro scale, though, the first serious resistance level stands at $3, the area of consolidation in the second part of 2018, before the price had sunk to the bottom completely.
Breaking that level to the upside would confirm OMG’s ambition concerning the secondary uptrend, which is a must, given the present market sentiment, if the altcoin wants to stay relevant. To achieve that, OMG has to make a final push through $2.6, which the price is likely to make next week, according to the showings of critical indicators.
Finally, let’s take a look at the 4-hour time frame to get the idea of how the price might behave in the next few days.
4-hour OMG/USDT chart
Here we see that the bears are about to start pressuring the price to the downside, while MACD and Stoch still remain bullish. The presence of a large buying volume, together with the shooting star candlestick suggests that the price will go into retracement within the designated channel as a part of the bullish flag pattern that is likely to resolve to the upside.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 74.4% | 44 | $70 601.40 | 0.59% | 5.29% | $1 388 483 752 635 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 75.6% | 48 | $3 576.96 | -0.21% | 1.26% | $429 492 342 280 | ||
3 | USDT | Tether predictions | 92% | 1 | $0.999505 | -0.06% | -0.05% | $104 402 489 588 | ||
4 | BNB | Binance Coin predictions | 63.2% | 80 | $587.37 | 1.51% | 5.00% | $87 833 160 761 | ||
5 | SOL | Solana predictions | 61.2% | 89 | $185.26 | -1.52% | -1.90% | $82 311 563 061 | ||
6 | XRP | XRP predictions | 79.2% | 31 | $0.621025 | -0.17% | 0.39% | $34 084 472 887 | ||
7 | USDC | USD Coin predictions | 92.8% | 2 | $1.000099 | 0% | -0.01% | $32 215 831 929 | ||
8 | DOGE | Dogecoin predictions | 64% | 68 | $0.216544 | 16.10% | 42.85% | $31 106 856 640 | ||
9 | ADA | Cardano predictions | 69.6% | 67 | $0.651385 | -0.67% | 2.99% | $23 176 673 380 | ||
10 | AVAX | Avalanche predictions | 61.6% | 88 | $54.30 | -1.23% | -1.02% | $20 494 058 453 | ||
11 | SHIB | SHIBA INU predictions | 55.2% | 94 | $0.000032 | 5.42% | 19.44% | $19 062 332 858 | ||
12 | TON | Toncoin predictions | 56.4% | 88 | $4.94 | -0.69% | 19.61% | $17 156 092 593 | ||
13 | DOT | Polkadot predictions | 72.4% | 52 | $9.57 | -0.32% | 1.87% | $13 651 390 804 | ||
14 | LINK | Chainlink predictions | 75.2% | 42 | $19.58 | -0.71% | 7.29% | $11 494 161 063 | ||
15 | BCH | Bitcoin Cash predictions | 72.4% | 60 | $573.04 | 16.21% | 33.25% | $11 278 357 239 |
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