OMG Network Price Prediction: OMG Soars 10% - What's Sparking the Interest?

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OMG (OmiseGO) price broke out in the late hours of the New York session. It recorded a 10% surge to an intra-day high of $0.542 before returning to the current price of $0.495. Notably, the altcoin has achieved 90% of its target in a four-hour timeframe.

$Omg has almost achived 90% of its targets after it's breakout & Retest in 4H Time Frame📈🚀#Crypto #Cryptocurency #CryptoX #CryptoCommunity #Omg #omgusdt #OmiseGo pic.twitter.com/8IAuBacDUY

— Universe of Crypto (@UniverseCrypto7) September 28, 2023

The breakout is significant, considering it has been long since the OMG token recorded such gains. More specifically, the last time OmiseGO broke out from a bearish move was on June 24, with a 50% explosion to tag the $0.900 range high.

OMISEGO RETURNING FOR THE FIRST TIME SINCE LONG TIME — $1? 📈📉💹📊 via ➡️ https://t.co/rSmHEsgIAD https://t.co/J1e2oVTiZk

— Trade Alerts, Trade Ideas and Crypto 🇺🇸 (@AlertTrade) September 28, 2023

OmiseGO Reawakes After A Long Sleep

An analysis by SatochiTrader describes OMG as the “bank of crypto.” After a long climb to a level as high as $ 18,000, the token took to a steep downtrend. However, since around mid-September, the token has been showing recovery signs. This pullback is more robust on lower timeframes.

OMG price — TradingView: OMG/USDT 4-hour chart

Despite the surge, SatochiTrader is concerned about whether the return will prove sustainable, potentially sending OMG to the $ 1,000 psychological level.

Data on CoinMarketCap shows a remarkable rise in trading volume for the network, recording over 515% increase in 24 hours. The surge has catapulted its market capitalization up 12%. According to SatochiTrader, the surge in trading volume points to new data changes, presenting an opening for a new trend. If it holds out for long enough, it could mark the beginning of a new bullish trend.

OMG Price Forecast with New Data Coming In

OMG’s price is $0.495 at the time of writing, with the overall outlook pointing to the potential for more gains. The 10% surge saw OMG overcome the resistance presented by the 50-day Exponential Moving Average (EMA) at 0.484. However, a lot lies in whether the price will sustain above the descending trendline at $0.509.

The recovery rally could extend in a highly bullish case, with OMG tokens dipping into the supply zone. This area is heavily populated by sellers, meaning aggressive selling is expected here. For confirmation, investors should watch for a decisive break and close above the mean threshold (MT) of this order block. The MT is the midline of an order block, which, in this case, coincides with the 100-day EMA at $0.570.

The supply zone order block is currently serving as a resistance zone, which explains the recent rejection. If bullish momentum overpowers selling pressure, OMG could shatter the supply zone, rendering it a bullish breaker. This could pave the way for a climb above the psychological $0.600. Such a move would constitute a 20% ascent above current levels.

The Relative Strength Index (RSI) supports this outlook, pointing to growing momentum. Its position at 61 indicates there is still room for the upside. With the green shade of the Awesome Oscillator (AO) histogram bars and the fact that they remain in the positive region, the odds for a continuation are high.

On the flipside…

Conversely, if the supply zone holds as a resistance level, OMG price could pull back further, further suppressing the descending trendline. A slip and close below the 50-day EMA at $0.485 would invalidate the bullish thesis. The downtrend could send OMG below the $0.416 support floor in the dire case. Such a move would constitute a 20% fall below current levels.

OmiseGO aside, consider BTCMTX, the ticker for the Bitcoin Minetrix ecosystem, which analysts say has up to 10X in growth potential.

OMG Alternative

Bitcoin Minetrix is a new presale, presented as a decentralized BTC miner. The project is revolutionizing cloud mining with security and transparency upheld. Investors open to joining the project can buy its native token, BTCMTX, the gateway into a safe and secure Bitcoin cloud mining platform.

Welcome to #BitcoinMinetrix! 🪙

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Making it easier than ever. pic.twitter.com/iZPJN5GO8O

— Bitcoinminetrix (@bitcoinminetrix) September 26, 2023

The hallmark of the project is to solve a key concern, eliminating swindle risks associated with third-party cloud mining. In addition, it aspires to confer control to token holders. Choose Bitcoin Minetrix for worry-free mining.

Choosing #BitcoinMinetrix for worry-free mining!🌐

With cloud mining, forget about resale worries. #BTCMTX handles the upgrades, so users can focus on their $BTC journey without the issues of aging hardware. pic.twitter.com/cPJNusQyxN

— Bitcoinminetrix (@bitcoinminetrix) September 28, 2023

There are multiple benefits to cloud mining Bitcoin, including ease of entry, cost efficiency, the convenience of not requiring space or enduring noise, and that there are no resale concerns.

Exploring the #Crypto world with #BitcoinMinetrix!

Cloud mining = Cost Efficiency! 💰

Say goodbye to high electricity costs and hardware requirements.

Mining with ease. pic.twitter.com/v23XxHFnB2

— Bitcoinminetrix (@bitcoinminetrix) September 27, 2023

In the current presale stage, one BTCMTX token sells for $0.011, with almost $145,000 in presale sales collections already in the bank. The current stage of the presale has a set target of $3,080,000, a limit that, once reached, will see the price increase. Buy BTCMTX now at early entrant rates, with Ethereum (ETH) and Tether (USDT) accepted for purchase.

Stake-To-Mine BTC Mining Function on Bitcoin Minetrix

The Bitcoin Minetrix ecosystem has a staking function, an innovative idea set to bring Bitcoin mining back into the realm of possibility, even for the ordinary folk. The staking function’s estimated rewards reach 11,559% per annum, with current rewards of 158.5 per ETH block. In the latest update on the website, over 3.6 million BTCMTX tokens have been staked.

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