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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
Current Price
1.85
Current Supply
140245398.24513277
Launch Date
2017
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.

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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.

OMG Network Price Prediction for 2022

As of OMG Network price predictions for the rest of 2022, there are divergent opinions. TradingBeast expects an upturn towards $1.97051, and PricePrediction.net echoes with ~$3.23 by the year’s end. Other experts, for example, from WalletInvestor, are more pessimistic about OMG Network’s future price, citing numbers downwards of $0.313 in December.
Potential ROI: -1% Sell

OMG Network Price Prediction for 2023

In their OMG Network price predictions for 2023, TradingBeast’s forecasts the coin’s price to go above $2.54423 by December. Forecasting OMG Network's future, PricePrediction.net expects further growth, too, saying the OMG Network price will reach ~$4.64 by that time. On the contrary, WalletInvestor keeps predicting OMG Network price decline, quoting prices around ~$0.0894 in 2023.
Potential ROI: 31% Buy

OMG Network Price Prediction for 2024

OMG Network price predictions for 2024 are still predominantly positive, with some analysts promising prices in the $3.55178–$6.68 range (TradingBeast, PricePrediction.net), while WalletInvestor takes a different view and cites the possibility of the price reaching $0.0897 in December 2024.
Potential ROI: 86% Buy

OMG Network Price Prediction for 2025

TradingBeast has only optimism in store for the 2025 OMG Network price prediction, valuing OMG Network at $4.2261 by the end of 2025. PricePrediction.net agrees with a positive forecast and predicts, in turn, $9.99 for the same period. On the other hand, WalletInvestor’s team is more pessimistic — their OMG Network price prediction for December of this year is just $0.0347.
Potential ROI: 157% Buy

OMG Network Price Prediction for 2030

Speaking of long-term OMG Network price predictions for 2030, experts present two polar opinions. TradingBeast expresses the view that OMG Network price will grow further and eventually reach $1.859484 by the end of the decade. PricePrediction.net’s price prediction for OMG Network echoes with the projection of an uptrend to $64.1. Despite this, WalletInvestor’s vision remains not so positive, promising a downfall to $0.044763.
Potential ROI: 1089% Buy
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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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