OMG has dropped from $6.26 to $1.59 since April 3, 2022, and its current price is $1.91.
OMG remains in the bear market but represents a good price for what you pay and perhaps now is the right time to invest in this cryptocurrency.
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OMG Network is a very promising project
OMG is the native cryptocurrency of the OMG Network (formerly OmiseGo), a blockchain network built on top of the Ethereum blockchain that speeds up transaction times and reduces transaction fees by processing Ethereum transactions outside of the main Ethereum network.
The vision of this project is to integrate many e-wallets using the OMG network to provide banking services to those who have been excluded from the financial system.
The OMG token achieved impressive gains in the last two weeks of March 2022 and reached a price level above $6.20 on April 3rd.
Since then, the price has collapsed, daily trading volume has weakened. However, investors should keep in mind that the OMG Network is a very promising project and the price of OMG could again reach the levels we saw in April 2022.
According to the OMG Network, this technology can scale Ethereum to thousands of transactions per second, which is far beyond the capabilities of Ethereum. As the decision speed of Ethereum Layer 2 continues to increase, this will also be good for the OMG network.
In addition, sentiment in the cryptocurrency market has improved over the past 24 hours, and the crypto winter may soon come to an end.
Coinglass reported that more than $340 million in short positions were closed in the last 24 hours, the largest liquidation in more than a month.
Bitcoin is once again trading above the $21,000 mark, bringing the cryptocurrency’s total market cap to over $1 trillion as the recently scorching US dollar cools its momentum a bit. Dan Morehead, CEO of Pantera Capital, added:
We have gone through three major bear market cycles. I actually think we bottomed out in June and are in the next bull market. It may be difficult and may take some time, but I think we are in the next phase of the rally.
From a technical standpoint, OMG remains in a bear market, but it represents good value for what you pay and maybe now is the time to invest in this cryptocurrency.
Data source: tradeview.com
If the price jumps above $2.5, it will be a buy signal for OMG tokens and we have a path to the resistance level which is at $3.00.
An important support level for OMG is $1.5 and if the price falls below it, the next price target could be $1.3.
The OMG Network bridges the gap between centralized and decentralized finance networks and enables high-speed, low-cost peer-to-peer transactions. OMG remains in the bear market, but the current price level could be a good entry point for long-term investors.