What is the OMI Coin?
The OMI Coin is the native token for the ECOMI ecosystem. ECOMI is a company involved in non-fungible tokens (NFTs) and collectibles. It owns a digital marketplace, known as VEVE, that enables people to buy, protect, and manage NFTs using distributed ledger technology. The company also owns ECOMI wallet, a secure card that acts as cold storage for cryptocurrencies.
OMI Coin is one of the biggest cryptocurrencies in the world. It has a total diluted market capitalization of more than $5.8 billion. The OMI coin market capitalization is more than $1.5 billion, making it the 209th biggest digital currency in the world.
Is OMI Coin a good investment?
ECOMI is attempting to disrupt one of the fastest-growing industries on earth. The number of NFTs sold every day has jumped sharply. Individuals like Snoop Dogg, Jack Dorsey, and Bryson DeChambeau have all launched and sold NFTs worth millions of dollars. Similarly, legacy companies like Walt Disney, NBA, Christie’s, and Sotheby’s have embraced the technology.
Data shows that NFTs worth more than $2.5 billion were sold in the first six months of the year. This was substantially a bigger number than the $338 million that were sold in 2020 alone. And this growth will continue as more people embrace the industry. For example, a recent report by DAPP Radar said that the NFT market capitalization for the top 100 Ethereum collections was worth more than $14.9 billion.
Therefore, ECOMI hopes that its marketplace will play an important role in supporting the industry that has seen remarkable growth in the past few years.
This trend has helped to support the OMI Coin, whose price has jumped by more than 140% between August and October this year. This has been a better performance than that of other leading cryptocurrencies like Bitcoin and Ethereum.
Still, ECOMI faces significant challenges ahead. As a relatively new ecosystem, it faces the challenge of growing its market share in an industry that has some big contenders like Axie Infinity, Binance, and Crypto.com. Most importantly, its website and ecosystems face the challenge of bigger competitors like OpenSea, which is currently valued at more than $1.5 billion.
OMI coin technical analysis
The four-hour chart shows that the OMI Coin price has been in a major bullish trend in the past few weeks. It has risen from $0.002670 in August to $0.008 in October. Along the way, the coin has moved above several key resistance levels. The most recent resistance level to cross was $0.0070, which was the highest level in October.
The coin has also moved above the 25-day and 15-day moving averages, which is a bullish sign. Additionally, it has moved above the ascending trendline shown in green while the MACD remains above the neutral level. Therefore, the coin will likely break and retest pattern, where it retests the support at $0.0070 and then resumes the bullish trend.
Worst case scenario
The worst case scenario is where the coin declines below the two moving averages and the support at $0.0070. If this happens, it will be a signal that there are more sellers left in the market, who will push its price significantly lower.
Best case scenario
The best case scenario is where the coin breaks and retests the pattern only to resume the bullish trend afterward. If such a pattern happens, the coin will continue the bullish trend for a while. The next key resistance level will be at $0.010.
Should you buy OMI Coin?
The OMI coin looks like a good investment based on the total addressable market it is attempting to disrupt. The NFT space is expected to grow as the world embraces it. Still, caution is warranted since the company faces significant challenges like competition and scale. On the other hand, from a technical perspective, the coin seems likely to continue rising as investors increase their bets on the industry.
Will OMI Coin hit $1 this year?
It is highly unlikely that the OMI Coin will hit $1 this year. To do that, it needs to rise by more than 13,000%, which is highly unlikely in less than three months.
What is the OMI coin price prediction for 2025?
Since the NFT space and the blockchain industry are expected to experience some substantial growth in the coming years, there is a high probability that the OMI Coin will keep rising in the next five years. As in the past, the trend will not be in a straight line. Therefore, a conservative estimate is that the coin’s price could double from here.
Where to buy OMI Coin
The OMI Coin is not offered by most cryptocurrency exchanges. For now, some of the limited exchanges where you can buy the coin are OKEx and Ascendex.