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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
1.214
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 the end of 2022, OMG Network price predictions are mostly pessimistic, predicting a decline to $0.81338 (WalletInvestor) and even lower, down to $0.07284 (according to TradingBeast) by the end of 2022.
Potential ROI: -58% Sell

OMG Network Price Prediction for 2023

In their OMG Network price predictions for 2023, PricePrediction.net forecasts the coin’s price to go down to $0.58272 by December. Forecasting OMG Network future, TradingBeast expects further decrease of its price, too, saying the OMG Network price will reach ~$0.012383 by that time. On the contrary, WalletInvestor keeps predicting OMG Network price growth, quoting prices around ~$1.80886 in 2023.
Potential ROI: -34% Sell

OMG Network Price Prediction for 2024

The experts are unanimous in their OMG Network price forecasts for 2024 — everybody expects OMG Network’s price to drop down by the end of that year. WalletInvestor predicts the price to fall, reaching $1.12902. According to TradingBeast’s research, OMG Network’s price can drop down to $0.012754. PricePrediction.net’s forecast is also not so positive: its analysts hold the view that by 2024 OMG Network’s price will be about $0.09712.
Potential ROI: -66% Sell

OMG Network Price Prediction for 2025

PricePrediction.net has only pessimism in store for the 2025 OMG Network price prediction, valuing OMG Network at $0.25494 by the end of 2025. TradingBeast agrees with a negative forecast and predicts, in turn, $0.015305 for the same period. On the other hand, WalletInvestor’s team is more optimistic — their OMG Network price prediction for December of this year is just $1.4568.
Potential ROI: -53% Sell

OMG Network Price Prediction for 2030

Most experts are expecting a bleak future for OMG Network: long-term OMG Network price predictions promise significant decline by 2030. PricePrediction.net predicts the price to reach $0.50988, while WalletInvestor goes down for $0.44918. TradingBeast also puts not so big hopes on OMG Network in the long term: its OMG Network prediction for 2030 is $0.016989.
Potential ROI: -73% Sell
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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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