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Omni Network (OMNI) Price Prediction – When will OMNI hit $50?

Omni Network (OMNI) Price Prediction – When will Wormhole hit $50

Presently, the price of Omni Network is exhibiting considerable volatility, having declined by a significant 44.57% in a single day. As a result of an airdrop, the value of the principal Layer-1 blockchain Omni Network has decreased by more than fifty percent of its current market value. The day before, the OMNI token peaked at $27.49 before forming an extreme corrective pressure.

Upon its initiation on April 17th, the Omni Network issued 3 million OMNI tokens as a distribution token, which accounted for 3% of the organization's overall token supply of 100 million. OMNI's market valuation was $560 million at the time of the airdrop, demonstrating the network's robust foray into the cryptocurrency industry via a well-planned distribution intended to incentivize qualified participants.

Simultaneously with the price decline, there has been an equivalent reduction in market capitalization, which presently amounts to around $265 million. Due to the substantial surge in trading activity, volume has increased by 629 percent, surpassing $538 million during the airdrop time.

Omni Network continues to possess a circulating supply of more than 10 million OMNI tokens, representing 10.39% of the overall possible supply, notwithstanding the reduction in pricing. With a maximum and fixed supply of 100 million OMNI tokens, the cryptocurrency's diluted market capitalization is approximately $2.5 billion.

Analysts’ Opinion On Omni Network

The price of the Omni Network fell by 11% in the preceding twenty-four hours, accompanied by a precipitous 65% decline in trading volume. The current volume/market cap remains at 51.69%, which is a satisfactory zone.

The decline in value may be ascribed to the' sell the news' phenomenon after the OMNI token was recently listed on Binance in conjunction with the corresponding airdrop. With the intention of expanding Ethereum Virtual Machines (EVMs), Omni Network, which is committed to integrating Ethereum rollups, launched its token on platforms including ByBit, Bitget, LBank, and DeFianceSwap, signifying a significant step toward global programmability across multiple chains and rollups.

According to some analysts, the primary cause of Omni Network's price decline is profit-taking, which may be attributed to the perceived disillusionment following the airdrop.

In light of the widespread practice of restaking observed in Decentralized Finance (DeFi) protocols, numerous investors and participants in the OMNI airdrop expected a price surge comparable to that which Ethena's ENA and EtherFi achieved.

After receiving complimentary OMNI tokens, a considerable proportion of investors chose to sell or convert their holdings, possibly to obtain liquidity, similar to the situation witnessed in the Parcl (PRCL) ecosystem.

OMNI/USDT Awaits A Bullish Breakout

OMNI/USDT Awaits A Bullish Breakout

In the hourly OMNI/USDT chart, the current price hovers below the 50% Fibonacci Retracement level from the all-time high and low. As the current price hovers at the discounted zone, we may expect a buying pressure to come soon. However, investors could pay close attention to the near-term price action before jumping into a long trade.

In the indicator window, the Average Directional Index (ADX) hovers below the 30.00 line, while the current Relative Strength Index is at the 50.00 neutral point. As both indicators signal a corrective trend, investors should wait until a bullish reversal comes, initiating the bullish impulse.

Based on the OMNI price prediction 2024 and 2025, a conservative buying approach might come after overcoming the 30.00 line. In that case, the primary target would be $50.00 in 2024 and $100 for 2025.

The conservative trading approach is to seek another long opportunity after forming a new swing low below the 22.14 flip point.

OMNI/USDT Ichimoku Cloud Analysis

OMNI/USDT Ichimoku Cloud Analysis

 

In the Ichimoku Kumo Cloud, a corrective market trend is visible where the future cloud suggests a downside continuation. 

Although the major trend is bearish, a sideway momentum is visible from the dynamic Kijun Sen, which is flat below the current price.

Based on the OMNI outlook, a bullish reversal could potentially initiate the long term bull run, following the daily price action.

The primary bullish approach is to wait for an H4 candle above the 27.49 level, which could extend the upward pressure towards the 50.00 area.

However, a downside pressure is possible as the current price hovers below the dynamic Ichimoku Cloud zone, which may activate after forming a new low below the 24.00 line. 

Is OMNI/USDT A Buy?

Omni Network is notable for its Ethereum alignment, which involves staking rather than the prevalent method of extensive fires observed in the industry. Significantly, their contract exceeded Uniswap's router in gas consumption on April 18th, emphasizing the repercussions of this approach. Both Clique and Omni have modified their reward systems to regulate demand, guaranteeing seamless and economical community transactions efficiently.

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