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OmiseGo (OMG) Price Prediction for 2021, 2022-2025 and Beyond

2021-02-01

2021-02-01

OmiseGO Predictions: What’s the Power of OMG?Jana Kane

Today we’re going to talk about OmiseGo! OmiseGo was founded by the company Omise, which was founded in 2013 by Jun Hasegawa and Ezra Don Harinsut. The company offers a payment management service. Companies can thus accept payments that go through the internet. You might say a well- known concept, but there is more!

OmiseGo is not just any payment management service; it has made quite a few partners with large companies over the years. One of these large companies is McDonald’s in Thailand, for example. On June 6, 2020, OmiseGo rebranded and transitioned to the mainnet. From that moment on, it was called the OMG Network.

The article covers the following subjects:

Since its inception, OMG Network (OMG) has always been [in the top 100 on Coinmarketcap][1]. That’s reason enough to write an article about OMG. In this article, we will discuss how the OMG Network price is currently going, the reason for the price direction, and expert OMG price predictions and forecasts for the future. Let’s dive into why you should also have OmiseGo in your crypto portfolio! So, are you ready? Let’s go!

About OmiseGO

OmiseGo originated from the company that already handled many transactions in Asia under the name Omise. OmiseGo is Omise’s blockchain solution. So, the idea is that OmiseGo is a similar solution for intra- bank payments, comparable to the SWIFT network we know.

Do you want to transfer a payment from one country to another in the continent of Asia? Then you can get ready and expect to pay major fees. In particular, expats who work in another country often want to transfer money to family members who have stayed behind. And that is not so easy.

First of all, such a family must have a comparable bank account in order to be able to complete the transaction at all. In addition, substantial amounts are charged to actually facilitate this. These costs do not make the often-dire financial situation of these families any better. Every cent in costs that then has to be paid is actually too much.

OmiseGo will facilitate such transactions over the OmiseGo blockchain. The platform launched the OMG cryptocurrency, which is an ERC20 token. This means that OmiseGO is a blockchain on the Ethereum blockchain. OMG uses Ethereum for its workflows but also develops a symbiotic relationship with the network, which acts as a scalable solution. They are working on tools with which software developers can create their own software wallets. These wallets then run on the OmiseGo blockchain and can hold many different fiat and cryptocurrencies. Consider, for example, the euro, the US dollar, and also Bitcoin and local currencies from the individual Asian countries. Of course, the OmiseGo token itself should not be missing: the coin with the best name ever invented, the OMG coin.

The network is aimed at achieving extremely low fees so that large groups of people from the poorer parts of the world can use the network to participate in financial traffic at a decent cost.

The Power of OMG

OMG Network ensures that everyone can get a wallet. You can see this wallet as your own bank account on the blockchain. With this wallet, you have access to the financial market. With the OMG Network wallet, you can buy products, transfer money, and put many different currencies on the wallet. OmiseGO is an open-source blockchain platform whose main slogan is “Unbank the Banked.” OmiseGO is expected to become a direct competitor to traditional banking institutions.

You can transfer from one blockchain to another by using these wallet coins. It also makes it possible to transfer money between blockchains and traditional payment providers such as VISA and SWIFT.

Now there are several wallets that facilitate this. What makes OMG Network stronger than the rest is that OMG Network originated from the Omise company. This company has years of experience with online payments.

Because they originated from Omise, they benefit from brand awareness and the network. As a result, OMG Network already has a number of partnerships with large companies. McDonald’s Thailand has already partnered with them.

Ayudhya and SMBC are two major Japanese banks that have invested in OMG Network. If these partnerships grow, this can be very favorable for the OMG course expectations.

Omisego & McDonald’s

[OmiseGo has entered into a partnership with McDonald’s in 2017][2]. In concrete terms, this means that in Thailand, for example, every McDonald’s restaurant accepts the OMG coin. That may not sound very impressive, but if you assume that there are 70 million people in Thailand who can suddenly all pay cheaper at McDonald’s, then this can have a significant positive impact on the OmiseGo philosophy.

OMG in 2021 and Some History

Quite an impressive result, that’s a decent summary of the OmiseGo ICO held in 2017. In June, the ICO was opened to investors for a month, and OmiseGo managed to rake in a whopping $25 million within a month.

  • 65.1% of all tokens were distributed to investors;
  • 20% remains in reserve;
  • 9.9% went to the team;
  • 5% was used to provide incentives to Ethereum holders.

That the ICO not only provided a nice amount for OmiseGo itself but was also a top investment for everyone who joined is evident from the price development. No less than a return of 1500% has been recorded. During the ICO, 1 OMG cost just under 23 cents. Today, the same OMG is worth more than $3. That’s really promising! Nice!

As it always goes with cryptocurrency projects, the price differs greatly. That is why it does not make much sense to keep an eye on the daily [OMG exchange rate]3; tomorrow, this will be different. The current OMG rate can be found below:   

OMG Expert Price Predictions

What is OmiseGo going to be worth in the coming months and even years? If it’s going to be worth more than it is now, then it’s a good investment! Let’s see what some of the influencers think;

Vitalik Buterin said in 2017 that the OMG coin was already very underestimated, and he claimed its advantages:

[CoinLiker][4] predicts that OMG will grow in value over the long-term timeframe. They predict the price of 1 OMG will be $11.19 this time next year, $19.09 in 3 years’ time, and $31.14 in 5 years’ time.

[TradingBeasts][2] predicted that one OMG coin would be worth around 4 USD by December 2020. They also predicted that one OMG coin would be worth about 51 USD by June 2021. One OMG coin is now worth $3.22 USD, so their first prediction was quite close.

[WalletInvestor thinks][5] OMG is an awesome long-term investment (one year). With a 5-year investment, they expect the revenue to be around +700.42%. This means a current $100 investment may be up to $800.42 in 2025.

These estimates show three things:

  1. There is a lot of confidence in the technology the OMG Network is using and the team that’s developing it. It’s making important connections with real-world businesses and is developing some cool new technology, too.
  2. Many top-100 cryptocurrency prices are expected to go up across the market in the next six months.
  3. Crypto experts, more often than not, predict that the price of cryptocurrencies will go down! (Sssh! We won’t tell if you won’t!)

OMG Technical Analysis

As usual, I start the OMG technical analysis with the monthly timeframe in the OmiseGO chart, where we identify long-term trends and critical levels.

The above chart shows the[ OMGUSD][3] monthly timeframe. First, we should define the current trend.

As you see, in August 2020, there was the most substantial upward price momentum for the year. Besides, the candlestick lows have been rising since April. There is a clear bullish trend.

What about trading volumes? Blue dots mark the peak values of trading volume over the past few years. I analyzed the Japanese candlesticks to find out the key support/resistance levels.

First, we analyze the earliest dot in May 2019. The candlestick under study has a green body. The bar opposite the next high volume is bearish. We see that the low of the first candlestick and the second one’s closing price are in the same price zone, around level 1.60 USD. When different strong levels are in the same price zone, it is considered as a confirming signal. In this example, it means a strong support level at 1.60.

The next candlestick with high volume appeared in November 2020. This candlestick breaks through the previous high. Although the price didn’t consolidate above the high, the price movement confirms a strong resistance level at 5.20 USD. In January 2021, there forms another bar featuring the most significant trading volume over the past few years. Besides, the candlestick is relatively small, which means the market is in balance, and the price is trading in a narrow range of 1.60 – 5.20. After such an accumulation of trading volume in a trading channel, there should be another powerful price momentum after the market goes outside the channel.

OmiseGO price prediction for three months

The above figure depicts the technical analysis of the weekly OMGUSD price chart. The Doji candlestick features significant OmiseGO trading volumes. This phenomenon suggests the active asset redistribution and the struggle between buyers and sellers.

It is clear from the above chart that the narrowing Bollinger Bands confirm the market consolidation. I can define a local trading channel of a narrower range in the zone of 2.5 – 4.50. When the price breaks out the channel, it could be considered as an early signal for a more considerable momentum. Besides, based on the trendline slope, the market uncertainty should continue for at least three months. The maximum duration of the sideways trend is limited by the summer when the trendline goes inside the trading channel and distorts the balance of power.

OmiseGO price forecast for 2021

If we look at the[ OMGUSD][3] historical data, we shall see similar fractals of growth and deep correction. Having compared the two most recent tops using the Fibonacci grid, I see that they are related with the ratio of 4.3. The rate is too high. In the case of the momentum projection for a year, the price movement should be towards 43 USD. Taking into account the historical data of the recent market movements, I do not think this is a likely scenario.

The potential target for the bullish movement is limited with the upper border of the trend channel, which is drawn from the high of the last momentum.

Monthly OMG Price Prediction for 2021

Considering the support and resistance levels, the past price fractal, I projected the price movement up to the end of 2021. Considering the Bollinger bands’ changes, I prepared the OMGUSD exchange rate forecast, defining a range between a high and a low for each month of 2021. By and large, the OMG price should be trading flat, limited by the local trading channel and the lower trend line. Therefore, one could safely enter longs at a level starting from 2.75 USD to the point of crossing of the trendline. Next, the sharp price rise should repeat. The target for 2021 is at a level of 12 USD.

A detailed forecast for the OmiseGO highs and lows for each month of 2021 is in the table below:

Month

|

OMGUSD  price

—|—

Low

|

High

February 2021

|

3.29

|

3.66

March 2021

|

3.33

|

3.98

April 2021

|

3.57

|

4.64

May 2021

|

2.75

|

4.10

June 2021

|

3.04

|

3.35

July 2021

|

3,16

|

5.91

August 2021

|

4.46

|

5.36

September 2021

|

4.55

|

7.22

October 2021

|

6.73

|

12.09

November 2021

|

6.72

|

9.85

December 2021

|

6.94

|

8.64

The OMGUSD price technical analysis is presented by[Mikhail Hypov][6]. ****

OMG Price Prediction

In the West, everyone has easy access to banks - but in Asia, this is not the case. Just transferring money to other banks is not possible. When this is possible, it costs a lot of money. These transaction costs are often not affordable for poorer people.

We must not forget that there are two billion households that do not have a bank. In Southeast Asia alone, there are 438 million people without a bank. OMG Network can be the solution for these people.

With OMG Network’s solution, you don’t have to deal with middlemen charging high transaction fees. Instead, you can easily transfer different currencies within seconds.

There is, therefore, a huge market open for OMG Network that makes the potential of this cryptocurrency incredibly large. In addition to transferring money to, for example, family, it can also be used to pay when companies join OMG Network.

When OMG Network reaches people who do not yet have a bank, and the wallet turns out to be an excellent alternative for a bank, this can work out very well for the OMG trend. This can result in a high OMG cryptocurrency price expectation.

OMG Prediction 2021, 2023, 2025, 2030

OMG’s idea is very promising. If the OMG Network team succeeds in turning their plans into reality, it could become a big boy in the crypto world. It is good to know that they have always kept to the deadlines so far.

If OMG Network enters into more partnerships with large companies and connects bankless people, the project will have a huge chance of success.

The above reason is essential for a price appreciation. It could go very quickly if partnerships are made in a short period of time. As a result, confidence in the coin will increase as they grow. This draws in buyers and, therefore, causes a skyrocketing price.

The OMG price forecast for 2020 looks very promising. Because OMG Network is reliable and a solid company, the price will turn green. The price of OMG is expected to rise to $4.

A huge increase is expected in 2022. The price of an OMG coin will then be around $ 12. Keep in mind that this will not be solely due to the success of OMG Network. There is a forecast that most coins in crypto land will go up in 2022.

If we look even further into the future, the price will only go up. The price will not go x12 again, but the price is expected to double to $24.

How Did the Price of OMG Change Over Time?

The OMG price value fluctuated mainly in the beginning. The peaks and troughs of OMG look pretty normal compared to other currency rates around that time. After all the initial fluctuations, the OMG course eventually stabilized around January 2019 until August 2020.

When OMG started an ICO, it was an immediate hit. The success of the ICO showed that enough investors trusted the project. As a result, OMG raised $25 million in no time. This is also the amount they wanted in advance, so a resounding success. Below you’ll find the historical exchange rates for OMG/USD:

As mentioned earlier, there were many peaks and troughs in the price of OMG. The all-time high for OMG was on January 8, 2018. The OMG value was then 28.35 dollars.

Conclusion

The rate of OmiseGo has been moving sideways for a while, but that can change quickly - especially if the pilot at McDonald’s was successful or the same pilot is rolled out to other countries in the area. Vietnam, for example, also easily has 100 million inhabitants. Suppose that the number of people using the OMG network suddenly increases by even 10% of that; this could have a huge impact on the price development of OMG.

Whichever way you look at it, OmiseGo’s initiative to help the world’s poorer countries with an affordable solution is one that is wonderful from a social point of view. In that respect, we sincerely hope that OmiseGo contributes to a better and affordable world, especially for the people who need the help most.

The cryptocurrency market is truly crowded. Over the next few years, there will be more losers than winners. The coins that succeed will have the perfect combination of community, technology, and real-world value.

OmiseGo is close to having all three. It’s backed by some very powerful organizations; it has lots of friends in the crypto community, and its technology is as strong as any of its competitors. None of this makes OmiseGo a guaranteed winner, though, so always consider the fact that the future value is unpredictable.

Make sure to register a free demo account on [LiteForex][7]; it will help you see how the OMG Network price is going to play out in the future so you can make your own investment and trading decisions. Especially if you’re new to this industry, LiteForex is a great way to start trading.

Price chart of OMGUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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  1. Coinmarketcap.com/currencies/omg/historical-data/
  2. kesbangpol.jatengprov.go.id/android-shapeshift/omisego-token-mcdonalds-average-time-it-takes-to-mine-1-bitcoin/
  3. my.liteforex.com/trading/chart?symbol=OMGUSD
  4. www.coinliker.com/prediction/omisego-pdYu-forecasts
  5. walletinvestor.com/forecast/omisego-prediction#:~:text=OmiseGO%20price%20equal%20to%203.142,to%20be%20around%20%2B776.38%25.
  6. www.liteforex.com/blog/?author=72
  7. liteforex.com/