The OMG Network price soared to an all-time high as investors cheered the growth of the network. OMG is trading at $19.20, which is about 550% above the lowest level in June this year. It has a market capitalization of more than $2.7 billion and is the 63rd biggest cryptocurrency in the world.
The OMG Network is a blockchain project that is known for developing the Boba Network. Boba is a relatively new project that is in the layer-2 industry. Like Polygon, the goal of the network is to scale applications developed in other platforms. It scales them by reducing gas fees, increasing throughput, and extends the capabilities of the smart contracts.
The OMG Network price is rising as investors react to the Boba Network’s Airdrop that comes in the next six days. The airdrop will introduce the $BOBA Token. This token will help to scale the OMG Network. It can also be staked to earn returns. Some of the platforms that will support the airdrop are FTX, Binance, Gate.io, and C.R.E.A.M, among others. So, what next for the OMG Coin price?
The daily chart shows that the OMG price has been in a strong bullish trend in the past few months. Along the way, the coin has moved above the key resistance level at $15.47, which was the highest level on May 7. The coin also moved above the other resistance $18, which was the highest level in October.
The OMG Network price is also being supported by the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has been rising. Therefore, in my view, the token price will keep rising as bulls target the next key resistance at $25. This view will be invalidated if the price falls below $18.
This post was last modified on Nov 05, 2021, 06:20 GMT 06:20