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OMG Network Price Prediction: Is OMG Foundation’s OMG Network THE Level 2 Scaling Solution for Ethereum?

The second half of July catapulted OMG token price back to the sky, as was the case with many players this summer, those who were both high and low in the market cap rankings. Curiously, investors can’t seem to make up their minds on OMG Network, which since mid-summer can be seen trading inside a widening wedge, which by now (late September) means fluctuating between ~$9 and ~$11.

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OMG Network Fundamental Analysis

Project name
OMG Network
Stock Symbol
OMG
Curr. Price
8.683
Curr. Supply/Total Supply
140245398.24513277
ROI Since Launch
No Data
Launch Date
2017-07-06
Official Website

OMG is a utility token on the OMG Network — a Layer 2 Plasma-based Ethereum scaling solution. The project has been known as OmiseGo from the time it was founded in 2017 and until it was rebranded in 2020. OMG Network has turned into OMG Foundation since then, and there are more projects in the works. 

OMG Network uses Layer 2 childchains in the implementation of Plasma called More Viable Plasma. This architecture is built around the Proof-of-Authority (PoA) consensus mechanism. It uses just one known and verified node called Operator as a block producer, although there is also a so-called Watcher network that monitors the childchain and reports abnormalities. 

This step towards centralization is a tradeoff: the childchain architecture doesn’t make Layer 2 chains either custodial or completely independent — which in this case is a good thing. The funds will not be lost or “stuck” on the childchain if it goes out of service. The other implementations of Plasma (i.e. sidechains), while more flexible, have more inherent risks.

OMG Network can be used to scale transactions (it boasts the ability to process up to 5,000 transactions per second), although it cannot handle smart contracts since Plasma isn’t designed for this. Enya, which is a principal developer of OMG Foundation, is working on Boba Network for this purpose (it will use Optimistic Rollups instead of Plasma). 

Note that soon to be issued BOBA token will be automatically distributed to OMG token holders. OMG coin is also used to pay transaction fees and is needed for staking.

OMG Network Live Price Chart

After starting 2021 at around $2.5, OMG token price experienced some rollercoaster-like highs and lows during the spring’s crypto market bull run. After peaking in May at ~$15.3, the OMG coin value started falling, almost going back to $2.5, the price it was traded at in early January.

The second half of July catapulted OMG token price back to the sky, as was the case with many players this summer, those who were both high and low in the market cap rankings. Curiously, investors can’t seem to make up their minds on OMG Network, which since mid-summer can be seen trading inside a widening wedge, which by now (late September) means fluctuating between ~$9 and ~$11. 

This adds some uncertainty to OMG’s future. On the other hand, the trend has been going up quite confidently, which still keeps experts’ and fans’ OMG Network price predictions quite optimistic.

OMG Network Technical Analysis

Despite the fact that 100% accurate technical analysis for OmiseGo cryptocurrency is hardly possible, on this advanced technical analysis tool by TradingView you can see the real-time aggregated OMG buy-and-sell rating for selected timeframe. The summary for OMG/USD is based on the most popular technical indicators — Moving Averages, Oscillators and Pivots.

OMG Network Price Prediction

Below we have collected the most reliable price projections for OmiseGo (OMG) from popular forecast platforms.

#1. WalletInvestor OMG Price Prediction for 2021, 2023, 2025

According to WalletInvestor, OMG Network price will grow from $8.683 to $13.100 in one year. That makes OMG an awesome investment. The long-term earning potential is 50.87%. Predicted price for the end of 2026 is $29.794.

#2. TradingBeasts OMG Price Prediction for 2022

Answering the question about if OMG Network is a good investment, TradingBeasts say a resounding no. In the 2021 perspective, this coin price is predicted to reach $8.57563 with a reduction to $8.55617 by the end of 2022.

#3. DigitalCoin OMG Price Forecast for 2021, 2022, 2023, 2025

In DigitalCoin analysis, the price of OMG Network cryptocurrency will rise in the next 5 years starting from $9.3227 as of today’s price to $40.2544167. It will go up to $15.5724081 by 2022 and continue its growth in 2023-2024. Based on this forecast, OMG Network is a profitable long-term investment.
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Summary

As it can be clear from the analysis cited above, OmiseGo (OMG) projections are rather contradictory. There is no universal consensus either about positive or negative future OMG price movements. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the OmiseGo projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research (DYOR).
Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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