Bitcoin
BTC$43 287.80

2.05%

Ethereum
ETH$3 010.99

3.55%

Cardano
ADA$2.27

-3.89%

Tether
USDT$1.000700

-0.08%

Binance Coin
BNB$346.18

-1.47%

XRP
XRP$0.947086

0.59%

OMG Network Goes Up Along With the Ethereum Gang


#OMG Network

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.

When Ethereum leads, OMG Network follows


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.

Author: Alex Paulson for Crypto-Rating.com

Related

OMG Network (OMG): The Correction Continues
OMG Network (OMG): The Correction Continues
OMG Network: The Bullish Blast Leads to a Tough Correction
OMG Network: The Bullish Blast Leads to a Tough Correction
OmiseGo (OMG) Has the Wedge to Break
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OmiseGo: Going on a Stop-Loss Hunt
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OmiseGO Rallying for Its Life
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OmiseGO Price Forecast
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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 82.4% 35 $43 287.80 2.05% -8.49% $814 966 927 933 $32 680 812 854
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $3 010.99 3.55% -9.89% $354 338 554 947 $21 802 081 769
3 Cardano (ADA) ADA Cardano predictions 60% 80 $2.27 -3.89% -2.90% $72 613 126 112 $5 577 581 472
4 Tether (USDT) USDT Tether predictions 94% 1 $1.000700 -0.08% -0.03% $68 590 944 713 $79 368 686 289
5 Binance Coin (BNB) BNB Binance Coin predictions 66.8% 69 $346.18 -1.47% -14.62% $58 205 321 046 $1 873 086 247
6 XRP (XRP) XRP XRP predictions 70.4% 52 $0.947086 0.59% -10.97% $44 245 636 148 $3 503 428 805
7 Solana (SOL) SOL Solana predictions 66.8% 72 $137.06 -1.92% -13.76% $40 744 147 032 $2 455 458 712
8 USD Coin (USDC) USDC USD Coin predictions 95.2% 1 $1.000483 -0.05% -0.03% $31 006 963 781 $3 830 168 851
9 Polkadot (DOT) DOT Polkadot predictions 67.6% 69 $29.44 -3.25% -12.15% $29 070 856 010 $2 592 379 334
10 Dogecoin (DOGE) DOGE Dogecoin predictions 64% 77 $0.205929 -0.86% -12.64% $27 068 780 737 $1 515 174 486
11 Avalanche (AVAX) AVAX Avalanche predictions 56.8% 87 $68.09 -3.41% -4.08% $14 998 710 235 $1 234 318 562
12 Terra (LUNA) LUNA Terra predictions 68.4% 59 $36.34 -4.22% 4.95% $14 536 281 852 $1 625 437 616
13 UniSwap (UNI) UNI UniSwap predictions 64.8% 74 $23.42 20.32% -1.22% $14 325 624 849 $1 167 934 535
14 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.000303 -0.07% -0.05% $13 693 477 670 $5 597 328 153
15 Chainlink (LINK) LINK Chainlink predictions 67.6% 70 $25.06 10.18% -9.97% $11 403 176 618 $2 018 605 273

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