Is it worth investing in OMG at the current price?

Since April 3, 2022, OMG has dropped from $6.26 to $1.59 and the current price is $1.91.

OMG remains in a bear market, but the current price level is good value for the price you pay and now might be a good time to invest in this cryptocurrency.

• OMG is the native cryptocurrency of the OMG network
• The current price level may be a good entry point for long-term investors
• OMG can rise again to the level of April 2022

OMG Network is a very promising project

OMG is the native cryptocurrency of the OMG Network (formerly OmiseGo), a blockchain network built on top of the Ethereum blockchain that speeds up transaction times and reduces transaction fees by processing Ethereum transactions outside of the main Ethereum network.

The vision of this project is to integrate many e-wallets using the OMG network to provide banking services to those who have been excluded from the financial system.

The OMG token made impressive gains in the last two weeks of March 2022, reaching a price level above $6.20 on April 3.

Since then, the price has fallen, and the daily trading volume has weakened; however, investors should keep in mind that OMG Network is a very promising project and the OMG price could rise again to the levels we saw in April 2022.

According to OMG Network, this technology has the potential to scale Ethereum to thousands of transactions per second, which is far more than Ethereum can handle. As the adoption rate of Ethereum's second-tier solutions continues to rise, this will also be good for OMG Network.

On the other hand, the sentiment in the cryptocurrency market has improved over the past twenty-four hours and the cryptocurrency winter may soon be over. Which is good news for those who are used to playing at the best online casinos with cryptocurrency. If you want to learn more about this topic, visit https://bitcoincasinos21.com/!

Coinglass reported that more than $340 million worth of crypto shorts were liquidated in the last 24 hours alone, the largest liquidation of short sales in the last month.

Bitcoin is trading above $21,000 again, pushing the total market capitalization of the cryptocurrency above $1 trillion as the latest hot US dollar cools its momentum a bit. Dan Morehead, CEO of Pantera Capital, added:

We have been through three major bear market cycles. I actually think we hit the lows in June and we are heading into the next bull market. It may be tough and it may take some time, but I think we are heading for the next phase of the rally.

Technical analysis

Technically, OMG remains in a bear market, but the current price level represents good value for what you are paying and it might be a good time to invest in this cryptocurrency.

If the price jumps above $2.5, it will be a buy signal for OMG and we have an open path to the resistance level which is $3.

The key support level for OMG is $1.5 and if the price falls below that, the next target price could be $1.3.

Summary

OMG network bridges the gap between centralized and decentralized financial networks and provides high throughput, low cost and peer-to-peer transactions. OMG remains in a bear market, but the current price level could be a good entry point for long-term investors.

More news on this topic: The second largest cryptocurrency in the world will turn green: "Bitcoin will be very lonely"