- OMNI crypto price reflects weakness in the bearish trend in the current trading session.
- The all-time high price of the Omni Network stands at the $54.24 level.
- The trading volume has declined 12.55% in the last 24-hour sessions.
Omni Network provides a platform for developers to build global native decentralized applications. The protocol solves fragmentation problems on the Ethereum rollups. The EigenLayer restaking helps the Omni Network to have security checks from Ethereum. Popular ventures like Coinbase, Pantera, Jump, and Spartan Group are backing the Omni Network.
OMNI Supply Changes, Holdings, & Valuation April 2024
Omni Networks has a capped maximum token supply of 100 million. The protocol has released 10.39 million tokens, which covers 10.39% of the maximum supply. The locked maximum supply reflects the demanding commitment of this project. This can prevent many unwanted problems like inflation, supply, and demand in future.
OMNI market cap is dominating among the top 270 most dominant cryptocurrencies in the world. The estimated total diluted valuation of the protocol stands at $1.94 billion, which is very far away from the current market cap. The trading volume has reached $47.74 million, ranking 134th out of 9,843 active cryptocurrencies.
The top 3 token holders own 93.82 million tokens from the current circulation supply. The statistics cover 93.82% of the circulation supply. The number one wallet has 89.60% million OMNI tokens, the number two has 2.62%, and the number three has 1.58%. There is one popular name holding those tokens named Binance 2.
Technical Analysis of the Omni Network (OMNI/USD)
The long-term bearish outlook implies below the key exponential moving average. The current price is moving below the 50-day EMA, indicating a downtrend. However, if the price rebounds that EMA, a reversal in trend can be expected.
OMNI price has given a breakdown from the $22.26 support level. Afterwards, the price fell over 14% to the $18.99 level, which is currently playing a role of support. At press time, the OMNI price is trading at the $19.14 level. The market observers have speculated the bullish outlook above the $23.20 level. Conversely, the bearish outlook lies below the $18.99 support level.
Furthermore, the relative strength index (RSI) shows a bearish momentum in the current trading phase. The death crossover between the RSI line and SMA indicates high selling strength. The RSI line is moving at 36.71 below the SMA.
Summary
Since April 21, 2024, the Omni Network has been experiencing a consistent downfall. However, the price is moving in a sideways structure model, meaning the bullish trend shows weakness in the current phase. The price is trading at the $19.14 level at press time. The market observers have speculated the bullish outlook above the $23.20 level. Conversely, the bearish outlook lies below the $18.99 support level.
Technical Levels
- Resistance Levels: $22.26 and $26.01
- Support Levels: $18.99
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.