14 October 2021 | ZebPay Trade-Desk
The OMG network, a non-custodial earlier known as the OmiseGo, is basically a layer two scaling answer created for the Ethereum blockchain. Since it’s a scaling solution OMG Network enables users to transfer ETH and other ERC-20 tokens much quicker and cheaper as compared to the direct transaction on the Ethereum network. OMG is only the native utility token that acts as the payment method for fees on the network and would be eventually used for staking to secure the network via giving rewards in returns. The token has a fixed total supply of 140,245,398 all of which is minted and is circulating. It currently ranks at 59th with $2.2 bn of Market cap.
OMG has been trading in an uptrend and has surged almost by 498% over the past three months. The asset gave a breakout above the uptrend parallel channel and rallied up to $18.2. It faced stiff resistance and was corrected almost by 30% post making a ‘Doji’ candle at the high. OMG has taken support at a crucial level around $12.45 (38.2 Fibonacci Retracement Level} and has started to form a ‘Higher Top Higher Bottom’ pattern. We may expect the asset to further rally once it breaks or close above the recent high of $18.2.
Disclaimer: Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.