OMG Network (OMG)- The Network That Makes Ethereum More Attractive In The Market! - Kakiforex.com - Financial Market Media No. 1 in the World OMG Network (OMG)- The Network That Makes Ethereum More Attractive In The Market! OMG Network (OMG)- The Network That Makes Ethereum More Attractive In The Market!
InstaForex

June 25, 2021

OMG Network (OMG)- The Network That Makes Ethereum More Attractive In The Market!

 OMG Network is a non-custodial, layer-2 (L2) -based network built for the Ethereum blockchain as an Ethereum scaling solution, called MoreViable Plasma.


MoreViable Plasma uses a sidechain architecture to group multiple off-chain transactions into batches, which can then be validated as a single transaction on the Ethereum root chain, this technology has the potential to increase Ethereum to thousands of transactions per second (TPS).


Founded by Vansa Chatikavanij, a Thai -born and operating as a subsidiary of SYNQA.


Interestingly, the OMG Network project was built to help make Ethereum more attractive in business. It achieves this goal with a plasma-based side-chain solution, which can help reduce electricity consumption by up to 99% compared to Ethereum and reduce fees.


Next, examine the OMG/USDT price movement chart.


Since the Bull’s brilliance last season, most cryptocurrencies have produced aggressive gains reaching thousands of percent value of gains recorded in the market.


OMG took the opportunity by generating just over 500% gain in the 2021 market, posting its latest all -time high (ATH) at the $ 15.35 price level on May 7th.



Unfortunately, the momentum to maintain the uptrend failed due to the impact of the fall of Bitcoin (BTC) to shrink more than 70% to the SBR zone (support become resistance) around the price of $ 4.5 which crypto analysts think is just a correction.


After that, OMG saw weak price movements at the June market opening, declining to support levels around $ 3.0 due to lackluster market sentiment, as did other cryptocurrencies.


From a technical point of view, the price movement is seen hovering above the support space to enter the SBR zone again around $ 4.5.


If the price movement manages to enter the zone, it will be tested first before making a higher rise or heading to the next SBR zone.


However, if the OMG price sees a decline, the support level around $ 3.0 is the main focus of either making a rebound or continuing the decline to the lowest zone ever recorded before.


At the time of writing, OMG/USDT is trading $ 3.78 down over 1% with a market value of over $ 530 Million in the last 24 hours.