Origin Protocol (OGN/USD) Bulls are Not Willing to Yield Ground to Bears Around the $0.16 Price Level
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
The Origin Protocol has sustained a bullish trend since the previous year, with the momentum reaching its peak as the market approached the $0.200 price level. Following a phase of profit-taking by traders, notable bearish momentum was anticipated. Despite the price briefly touching $0.14 before experiencing a rejection, current market dynamics indicate a renewed bullish interest at the $0.16 price level. The price has rallied to reclaim this level. Additionally, it is noteworthy that market fluctuations appear to center around this particular price level, potentially serving as a point of equilibrium.
Origin Protocol Market Data
- OGN/USD Price Now: $0.167
- OGN/USD Market Cap: $95,472,227
- OGN/USD Circulating Supply: 571,910,976 OGN
- OGN/USD Total Supply: 1,000,000,000 OGN
- OGN/USD CoinMarketCap Ranking: #353
Key Levels
- Resistance: $0.17, $0.182, and $0.200.
- Support: $0.145, $0.130, and $0.120.
Origin Protocol Market Crypto Signal: Analyzing the Indicators
In the new year, the Origin Protocol market experienced a surge in trading volume, evident in the substantial expansion of the Bollinger Bands indicator. The bandwidth was extended from $0.20 to $0.140; however, both the resistance and support levels are currently converging around the $0.16 price level.
In today’s daily session, the bulls successfully rallied the price, achieving a 10% gain to reclaim the $0.16 price level. The upcoming market trend appears to be heading towards a consolidation phase, as indicated by the convergence of the resistance and support levels on the daily chart around the $0.16 price level.
It’s essential to highlight a divergence between today’s bullish candlestick and the volume histogram indicator. This suggests that the current robust bullish momentum may not be sustainable, potentially leading to a retracement to the $0.16 price level. The price swings are expected to narrow around this level, establishing it as a potential support level.
OGN/USD 4-Hour Chart Outlook
The price action demonstrated a notable rebound from above the 20-day moving average following a brief period of decline attributed to a lack of interest among traders, resulting in a notably subdued trade volume in recent days. Subsequently, the price experienced a sudden upward breakout, surpassing the $0.16 price level. However, above this level, the market encountered substantial bearish resistance. The crypto signal from these market dynamics suggests the possibility of another consolidation around the $0.16 price level.
While bullish forces continue to maintain resilience against the prevailing pressure, it is noteworthy that bearish activities may struggle to breach the established support level, but eventually, all market sentiment may converge around the level.
