Price Analysis

OmiseGO (OMG) Price Analysis: Disappointment Has Slayed OmiseGO As It Keeps Falling Down

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Looking at the chart of OMG, it is evident that its condition is pretty similar to other altcoins, and it is stuck in the descending triangle that initiated back at the beginning of April 2019. According to majority crypto analysts, it all depends on the BTC and is not up to OMG to influence its own price. As the current market is highly volatile now, every altcoin is losing its value to BTC. It is expected that by the end of this year, the condition will improve, volatility will be reduced and OMG can regain its value like all other altcoins.

Current status:

OmiseGo

eToro Crypto
  • Current market price: USD 1.95
  • Market cap: 273,370,776 USD
  • Market rank: 31
  • Circulating supply: 140,245,398 OMG

Price analysis and future price predictions:

The above chart indicates that at present, OMG is having a trading value of 1.96 USD or 0.00025657 BTC (UTC time 05:32). Its current 24h volume is worth of 134,819,297 USD. The same chart indicates that approx. a month earlier, OMG had a trading value of 1.57 USD with a market cap of 220,273,617 USD. So, within this 1 month, the value of OMG has increased by 24.84% with 1.90 USD as a good support resistance.

On the basis of the above analysis, we think that OMG can have a maximum value of around $3.05 by the end of this year.

Conclusion:

The current crypto market is highly volatile, which is greatly impacting altcoins like OMG. It is expected that in the upcoming days OMG will continue losing its worth until the end of this year. Towards the end of 2019, the volatility will be reduced, and then, OMG can subsequently raise its value back. Crypto investors can then consider investing on the same for long term basis.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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