- The consolidation in the OMG continues after small upside momentum. The asset price is currently trading near $2.38.
- Technical indicators of OMG suggests a consolidated trend in price. Meanwhile, OMG/BTC pair has seen a gain of 2.6%
OMG Network, also known as OmiseGo. It is a non-custodial, layer-2 scaling solution built for the Ethereum network. As a scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the Ethereum network. It has seen a significant gain in the past. OMG network has an ROI of 346% which has benefitted various users.
The current market cap of OMG is $334,352,443 and has been ranked 111th in the cryptoverse. The volume of the asset price has seen a pump of 14% in the intraday session. Meanwhile the volume to market cap ratio of the coin is 0.1207 suggesting a consolidation in price.
Is OMG Ready To Move For A New High?
The weekly technical chart of the OMG suggests a consolidated trend in price. On coming to the daily chart the asset price is currently trading near $2.4 with a gain of 0.25%. Meanwhile, the asset price is trading below the 100 and 200 Daily Moving Average. If it crosses above the 100 DMA then a strong momentum in price can be seen in the future. The support of the OMG on the downside momentum can be seen near $2. Meanwhile the upside momentum of the asset can see a resistance near $4.5.
RSI: RSI of the OMG is near 58.91 suggesting its presence in the oversold zone. Meanwhile, there is a positive slope formed in the RSI suggesting an upside momentum in price. The overall sentiment of the RSI is bullish.
Conclusion
OMG network is currently in a consolidated trend and may spike to a new high soon in the future. Meanwhile, various analyst predicts a strong momentum in price in the future. One should do their due diligence before investing.
Technical Levels
Major Support:$1.95-$2
Major Resistance: $3-$3.25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/10/05/omg-network-price-analysis-are-bulls-of-omg-network-gearing-up/