Origin Protocol (OGN) Bulls Need to Defend Their Victory Above the $0.148 Price Level
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The Origin protocol market has been very progressive since the beginning of the year. However, the market’s progress reflects a bit of resistance at the major key price levels. The bear market started gathering momentum as the price progressed from above the $0.012 price level. At the $0.134 price level, the bullish price was rejected, and the market experienced a significant price retracement. However, the market still holds a bit of the general force that propels the market in a bullish way. Currently, the bull market has conquered the $0.148 price level, but they still need to deal with massive bearish resistance at this point. The number of sellers is almost equal to the number of buyers.
OGN/USD Price Statistic
- OGN/USD price now:$0.149
- OGN/USD market cap: $75,799,290
- OGN/USD circulating supply: 508,747,522 OGN
- OGN/USD total supply:1,000,000,000
- OGN/USD coin market cap rank: #308
Key Levels
- Resistance: $0.15, $0.16, $0.17
- Support: $0.12, $0.11, $0.10
Price Prediction for OGNUSD: The Indicators’ Point of View
The Bollinger Bands indicator illustrates market movement with the ascension of the price channel. This is because the bull market has been very progressive. However, as the market approached the $0.12 and $0.14 price levels, we noticed that the volatility in the market increased. And as interest in the market increases among both the bulls and the bears, the market may settle into a period of price consolidation. And the price may range around the key resistance level, which is the $0.148 price level.
Origin Protocol 4-Hour Chart Outlook: The Bears Are Unwilling to Yield Ground
From a 4-hour standpoint, the price retracement, which was a result of a very significant bearish move, may be signaling that a trend reversal is imminent. The bulls need to secure a support price level at the $0.144 price level and then use it as a basis to continue the bullish trend. Considering the bullish force that has been propelling the market since early January and the increasing bearish pressure at this point in the market, it is very likely the market will go into a price consolidation period.
