- The Omni Network crypto has high liquidity based on its market cap.
- The OMNI crypto was released less than a month ago.
Omni Network unifies Ethereum’s rollup solutions, aiming to enhance efficiency and scalability in the ecosystem. Connecting disparate rollup ecosystems enables seamless interoperability, faster transactions, and simplified user interactions with decentralized applications. Omni leverages restaking for security and operational efficiency, offering a cohesive blockchain infrastructure for global applications.
The circulating supply of the Omni Network crypto is 10.391M OMNI, which is just 10.39%, while the total supply and the maximum supply of the crypto is 100.0M OMNI. The fully diluted market cap of the crypto is $2.418B.
The market cap of the Omni Network crypto has witnessed a decline of 5.74% in the last 24 hours. This further has resulted in a drop of 11.6% in the traded volume of the crypto in the previous 24 hours.
The market cap value of the crypto is $251.348M, and the value of the traded volume of the crypto in the last 24 hours is $65.633M. Also, the crypto market cap ranking is 248th, as per CoinMarketCap. The volume/market cap ratio of the crypto is 26.76%.
The all-time high price ever achieved by the crypto is $54.24, and the price of the OMNI crypto has witnessed a decline of 55% in its trading price since then. Moreover, the crypto price is trading at just 8.6% above its all-time low price.
Omni Network Derivatives Analysis
The long/short ratio of the OMNI crypto is 0.9516 based on the derivatives activity of the last 24 hours. The value of the derivatives traded volume has also witnessed a decline of 15% while the open interest has advanced by 3.45%.
The long liquidation recorded for the crypto is very high, resulting in $271.55K, compared to the short liquidations of $59.76K in the last 24 hours.
Development Activity Vs. Dev Activity Contributors
Omni Network is a new cryptocurrency that was recently launched in the market. It currently has a good amount of engagement and development activity in the crypto community is also good. Also, crypto has a good number of contributors to development activity.
OMNI Crypto Technical Analysis
OMNI crypto price is forming a lower low pattern on the 4H chart and is declining towards the all-time low price. If the crypto price breaks below the lower support levels further, a further decline in the crypto price might be seen.
Also, there is an intense swing high at the level of $30.0, and if the price breaks further above this level, a further surge in the crypto price might be seen.
OMNI/USD Chart by TradingView
The price of the OMNI crypto is consistently declining towards the lower levels, which is further followed by a bearish cross of the 20-day and the 50-day EMA. It shows a bearish trend in the trading price of the crypto.
The MACD and the signal line trade parallel with each other, followed by a bearish cross. Also, the following metrics are trading below the zero level, indicating a strong downtrend on the 1H chart.
The RSI has slipped below the 14-day SMA and the 50-level. It is currently trading at 36.4, witnessing bearish momentum in price.
Summary
Omni Network is a new cryptocurrency designed to unify Ethereum’s rollup solutions, promoting efficiency and scalability. With a recent launch and active development, it aims to bridge rollup ecosystems for seamless interoperability. However, technical analysis suggests a bearish trend, with prices approaching all-time lows and declining EMA indicators.
Technical Levels:
- Support levels: $18.00 and $22.00
- Resistance levels: $30.03 and $32.9
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.