Price Analysis

OmiseGO Price Analysis: OmiseGO (OMG) likely to fetch around 120% return again by end of 2019

Finmax

OmiseGo has launched its second version of the OMG network recently.

It is one of the favorite Ethereum projects with the 6th highest market capitalization in cryptocurrencies.

Finmax BTC

From its year low on February 1 in 2019 at 1.01 USD, OMG is now trading currently at 121 % higher. It even reached its three months high 2.49 on April 5, which is 146.53 % rise. Such a steep climb within four months of trading only asserts the fundaments of OMG and its new announcements.  Since its May 16  high is only 2.16, the three month high will be the level to watch for its upward movement.

May 29, 2019, Price Statistics of OMG  at  3.74 UTC:

OmiseGo Price chart

Ranking in cryptocurrency list of Coinmarketcap 33
Return of Investment (ROI) 317.91 %
Total Circulation 140,245,398 OMG
Market Cap in USD 314,004,624
Current Price in USD 2.24
Current Price in BTC 0.00025874
24 hours traded volume 116,086,479
25 days price change 40 %

May 29 Intraday movements of OMG:

It started the day at 2.25 dollars down from yesterday’s close of 2.31 USD.  It is currently trading -3.12 % down.  It shows a clear bearish trend for the day. It may reach 2.13 on the downside and take support there.

Value  comparisons, resistances, supports, and predictions:

Since it is trading 121 % higher from its February year low, it is correcting from its three months high of 2.49 USD. After consolidating at this level, it may reach higher levels with strong fundamentals and announcements.

Resistance Levels:

  • R1 – 2.34
  • R2 –2.49
  • R3 –  3.81

Once it cuts the critical barrier of the three month high of 2.49, it may reach even 5 dollars within 2019.

Support levels:

  • S1- 1.83
  • S2 – 1.48
  • S3 – 1.15

It is vital that OMG does not trade below 2 dollars.  Once it starts trading below 2 dollars, the first support level of 1.83 is time to those who want to exit it.

But when it cuts  2.49 it could reach to the following predictions from current price:

Period Price Percent (%)
1 Week 2.49 11.16
1 Month 3.81 70.08
6 Months 5 123.21

Conclusion:

Once the vital level of 2.49 is cut, it could reach the 5 dollar target easily for a 123 % return.  Supported by strong fundamentals and many announcements this year could help OMG regain its glory in the long run.  But for now, since it has come from its all-time high of 28.35 USD last year and from its year high of 12.30 USD, it is possible for a quick correction to its previous highs shortly.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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