After a bumper ICO in 2017 and slowly building its Mainnet. But even after two years, it’s still in the development phase. Starting with their first transaction in December of 2019, the OMG Network shows signs of greater potential. OMG Network received huge traction after its ICO and reached a high of $25.72 in January 2018. But taking too much time in the development phase took away investor interest, and in 2021, the OMG token is still trying to become trending.
Focusing on decentralized banking that deals with real-time peer-to-peer transactions. This crypto project was initially developed on the Ethereum blockchain and intended to become a high-value exchange platform. The key advantage of OMG Network is that it is independent of digital assets but rather serves as a gateway for making crypto transactions much easier for those new to the blockchain world.
OMG Network Price Analysis
Compared to the prices on January 01, 2021, the OMG Network is still trading at a premium of over 100%, but it’s down from its year high of $15.47. Highly volatile price action dissuades interest in this cryptocurrency, but the new revival and bullish movement do give a hope to cling on to.
OMG Network crypto has strong support at $3.14 levels and has supported a negative price action twice. On the upside, it has strong resistance at $7.2458 levels on swing levels, but the 200-Day moving Average has become a strong resistance for OMG crypto to breach. Failure to breach the levels at hourly charts has pushed it back towards its swing support, and that doesn’t seem to possess the strength for inciting a bullish sentiment.
OMG Network can take support from swing support levels of $5, which is also an important psychological level. MACD, on the other hand, is indicating a bearish crossover that can cause a negative retracement on the recent gains made by OMG Network in the coming days. The volumes of the last three negative days have been identical to the positive volumes of the previous three days.
In the longer term, the outlook may be positive, but some negativity can quickly translate into a sell-off for immediate levels. Holding your coins might be a good move, but investing at current levels can potentially trap you.