The cryptocurrency at the time of writing has a price of $ 2.19 USD with a reduction of -6.46% in the last 24 hours and a marketcap of just over $ 307 million dollars, to position in position 32 of the ranking.
OMG presents an ETH dependence on its peers that contribute market share to their prices of just over 30%, so any upward or downward movement of this altcoin will affect proportionally to OMG.
In view of the above, we may see a price rebound for GMOs, due to the scalability that Ethereum promises by mid-year, and this could have an impact on price improvement.
Looking at your weekly chart for OMG, we could see that after the big bullish moment of ETH and the cryptocurrencies in general, OMG was severely affected in its current price drop.
However, as of January of this year, OMG established its lowest point historically speaking, and since then it has begun to grow steadily generating a soft bullish parabola, which we project to levels of $ 5 by the end of the year, after the corrective moment we witnessed. and we consider it to last until the middle of the year.
The second wave of Elliot could trigger double the projected prices at the end of this year, for the last period of 2020. If nothing is opposed to the proposed scenario, we could have a price x5 in GMOs by the end of 2020, in relation to the Actual Price.
Aroon has started to show bearish, for the current correction period that we think will continue until the end of July. Then this indicator should be corrected towards a sustained uptrend or even before this period if ETH manages to advance its scalability.