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 Price Prediction: Is OMG Foundation’s OMG Network THE Level 2 Scaling Solution for Ethereum?
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Table of Contents
OMG Network Fundamental Analysis
Project name
OMG Network
Stock Symbol
OMG
Current Price
0.4922616613163927
Current Supply
140245398.245133
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.
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 2023
As of the beginning of 2023, OMG Network price predictions are mostly pessimistic, predicting a decline to $0.428268 (PricePrediction.net) and even lower, down to $0 (according to TradingBeast) by the end of 2023.
Potential ROI:
-67%
Sell
OMG Network Price Prediction for 2024
In their OMG Network price predictions for 2024, WalletInvestor forecasts the coin’s price to go down to $0.04078 by December. Forecasting OMG Network future, TradingBeast expects further decrease of its price, too, saying the OMG Network price will reach ~$0 by that time. On the contrary, PricePrediction.net keeps predicting OMG Network price growth, quoting prices around ~$0.881148 in 2024.
Potential ROI:
-38%
Sell
OMG Network Price Prediction for 2025
OMG Network price predictions for 2025 are still predominantly negative, with some analysts promising prices in the $0–$0.0739 range (TradingBeast, WalletInvestor), while PricePrediction.net takes a different view and cites the possibility of the price reaching $0.758083 in December 2025.
Potential ROI:
-44%
Sell
OMG Network Price Prediction for 2026
Both PricePrediction.net and TradingBeast doubt that the OMG Network market will grow in 2026, predicting the price drop to $0.063994 and $0 by the end of the year respectively. Other OMG Network price forecasts support the idea: WalletInvestor forecasts OMG Network to fall down to $0.0239 by December 2026.
Potential ROI:
-94%
Sell
OMG Network Price Prediction for 2030
Speaking of long-term OMG Network price predictions for 2030, experts present two polar opinions. WalletInvestor expresses the view that OMG Network price won’t grow further and, opposedly, will decline to $0.021988. TradingBeast’s price prediction for OMG Network echoes with the projection of a downtrend to $0. Despite this, PricePrediction.net’s vision remains positive, promising growth up to $0.694089.
Potential ROI:
-52%
Sell
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.
