The price of Origin Protocol (OGN) has struggled to break out of a range recently with few bullish signs against Tether (USDT).
Origin Protocol could be set for a major rally after narrowly breaking out above key resistance as other crypto assets continue to trend higher with double-digit gains.
Origin Protocol (OGN) Price Analysis On The Weekly Chart
From the chart, the price of OGN saw a weekly low of $0.188, which bounced from that area and rallied to a price of $0.24.
The price has struggled to build more momentum as it faces resistance at $0.24.
If the price of OGN on the weekly chart continues with this structure, it could quickly revisit $0.2 acting as a good support area for buy bids.
Weekly resistance for the price of OGN – $0.24.
Weekly support for the price of OGN – $0.2.
Price Analysis Of Origin Protocol On The Daily (1D) Chart
The price of OGN found strong support at $0.2, with what seems to be an area of interest on the daily chart.
OGN bounced from its support and has rallied as it faces resistance at $0.24. The price of OGN has continued to range in a channel, breaking out of this channel could send the price of OGN to $0.4 where it will face a major resistance before trending higher in price.
At the point of writing, the price of OGN is at $0.2440, narrowly above the 50 Exponential Moving Average (EMA) which corresponds to $0.240.
OGN needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of OGN to $0.2
The Relative Strength Index (RSI) for the price of OGN on the daily chart is above 40, indicating a low buy bid for OGN.
Daily (1D) resistance for OGN price – $0.2440.
Daily (1D) support for OGN price – $0.20.
Price Analysis OF OGN On The Four-Hourly (4H) Chart
The price of OGN is having a hard time breaking out the ranging channel, where it faces resistance at $0.2440.
On the low timeframe, the price of OGN has remained strong above the 50 and 200 EMA which corresponds to the price of $0.22 acting as support for OGN price. OGN holding above those important regions is good for a trend continuation.
If OGN fails to hold this support due to a sell-off we could see the price of OGN in the region of $0.25.
Four-Hourly (4H) resistance for OGN price – $0.244.
Four-Hourly (4H) support for OGN price – $0.22.
Featured image from currency, Charts from TradingView.com
The Origin dollar price joined other cryptocurrencies in a strong sell-off as investors waited for the upcoming American inflation data. OGN, the network’s coin, is trading at $0.2170, which was the lowest level since June 18th. It has crashed by more than 40% from its highest point this month, bringing its total market cap to about $111 million.
What is Origin Protocol and why is it falling?
Origin Protocol is a blockchain project that is at the intersection of three well-known industries in the decentralized industry: DeFi and NFTs.
DeFi is an industry that is attempting to change how people handle finances. Instead of using centralized companies like banks, DeFi is enabling people to use organizations backed by smart contracts. Anyone can participate in this Decentralized Autonomous Organization (DAO) by buying th OGN token.
Origin Protocol’s DeFi platform is made possible by Origin Dollar (OUSD), which is an algorithmic stablecoin. Unlike popular stablecoins like USDT and USDC, OUSD is not backed by fiat currencies.
Like Terra UST, OUSD is an algorithmic stablecoin that aims to achieve its peg through arbitrage. According to CoinGecko, Origin Dollar has a total market cap of over $66 million, making it the 319th biggest cryptocurrency in the world.
Like Anchor Protocol, Origin’s DeFi product enables OUSD holders to earn interest by just holding the coin. At the time of writing, the coin has an APY of 12.50%, which is a higher yield than what fiat currencies like the US dollar earns.
Origin Protocol also owns Origin Story, a platform in the NFT industry. The platform enables people to mint NFTs and sell them in the platform. They can personalize their storefronts and engage their audience easily.
The OGN price has declined recently mostly because people are worried about both the DeFi and NFT ecosystems. There are concerns about the future of the OUSD and the fact that NFT sales are falling.
Origin Protocol price prediction
The four-hour chart shows that the OGN price has been in a strong bearish trend in the past few weeks. It has managed to move below the support at $0.2365, which was the lowest level on July 1st. It has also dropped below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved below the oversold level.
Therefore, the Origin Protocol price will likely continue falling as sellers target the key support at $0.1900.
The post Origin Protocol price prediction: Is it safe to buy the OGN dip? appeared first on CoinJournal.
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The Origin Protocol (OGN/USD) price has been in a consolidation period in the past few days as demand for the coin wanes. The token is trading at $0.27, which is about 84% above the lowest point in May. Its market cap has risen to $234 million.
What is Origin Protocol?
Origin Protocol is a fast-growing blockchain project that seeks to disrupt the biggest verticals in the blockchain industry. It has built projects for decentralized finance (DeFi) and non-fungible tokens (NFT).
For the DeFi industry, the developers have launched Origin Dollar, which is a stablecoin valued at over $68 million. It is a stablecoin whose differentiating feature is the yield it provides to its holders. At the time of writing, Origin Dollar has an APY of 12%.
It is pegged to the US dollar and secured by other stablecoins like USDT, USDC, and Dai. According to the developers, Origin Dollar holders can insure their coins using Nexus Mutual or InsurAce.
Origin Protocol also runs Origin Story, which is a platform that enables people to create and customize the NFTs. One can also deploy their smart contracts in their NFT marketplaces.
Finally, it has the Origin Token, which is a digital currency that lets people stake in the Origin ecosystem. According to CoinGecko, OGN has a market cap of over $234 million.
The OGN price has moved sideways in the past few days as investors react to the ongoing release of the Origin Dollar Governance (OGV) token. OGV will become the governance and value accrual token for Origin Dollar stablecoin.
Launching this airdrop will be a long process. Last week, they held a prelaunch of liquidity mining campaigns. Later this month, they will publish the final list of exchanges that will support OGV. The OGV airdrop will happen on July 12th while October 10 will be the deadline to claim it.
Origin Protocol price prediction
The four-hour chart shows that the OGN price has been in a tight range in the past few days. The coin is trading at $0.28, where it has been in the past few days. This price is along the key support level shown in green.
At the same time, the coin is trading along the 25-period and 50-period moving averages while the Relative Strength Index (RSI) has moved to the neutral point.
Therefore, the outlook of the Origin Protocol price is bearish, with the next key support being at $0.1878, which was the lowest point on May 27th. It is also about 30% below the current price.
The post Origin Protocol price prediction: OGN ripe for a 30% dip appeared first on CoinJournal.
]]>The Origin Protocol (OGN) has consolidated quite impressively over the past 7 days. The coin had seen a major sell-off in previous weeks. However, although the consolidation is a good thing for OGN bulls, the coin still remains very vulnerable to steep losses. Here are key points to note:
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OGN has gained nearly 50% from its lowest price in May.
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The recovery rally has started to slow, with OGN losing 11% in the last 24 hours.
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The coin will likely retreat further as short-term traders exit positions.
Data Source: TradingView
Origin Protocol – How serious is the downside?
May was no doubt the worst month for crypto in 2022. As a result, OGN hit its lowest price in 2022 this month. While there has been a decisive recovery over the last 14 days, the token is now losing momentum. In fact, after falling 11% in the last 24 hours, OGN is about to lose the crucial $0.2 support.
If this happens, the coin will be exposed to at least a 30% downside. This fall will likely settle on its 25-day EMA of around $0.15. However, IGN bulls still have a chance to avoid this. The most important thing will be to consolidate above $0.2. If OGN is able to close the day above this price, then we may see it test its next overhead resistance at $0.23.
Despite this, smashing past $0.23 will be very hard in the near term. As such, it’s safe to assume that the upside potential for OGN remains capped at the moment.
Should you buy OGN or Wait?
Well, you can actually do both depending on the price action. For now, give it 24 hours. If the price is still above $0.2, then it’s a good time to buy. However, if OGN breaks below $0.2, then you can wait until it bottoms at $0.15 before getting in.
The Origin Protocol (OGN) has taken a plunge today of nearly 10%. This comes even as most coins post gains. But despite this, the long-term indicators for OGN remain positive. How long they stay, that way is another story. But here is what matters:
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The OGN token remains slightly above its 25- and 50-day simple moving averages.
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The coin is currently trading at $0.45, down by around 10% over the last 24 hours.
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OGN is also down nearly 88% from its all-time highs last year.
Data Source: Tradingview
Can Origin Protocol (OGN) stay above water?
The fact that OGN is slightly higher than its 25 and 50-day simple moving averages is a good sign. It means that it’s yet to enter the bear market. But there are worries that this may not be the same any longer. The good news is that OGN appears to have completely bottomed.
It is 88% lower than its ATH and has trended downwards for the last week. In most cases, coins will reverse the trend once they bottom out. This reversal could come very soon for OGN. In fact, despite the 10% loss today, some analysts expect OGN to consolidate.
The coin could easily retest $0.8 in the near term, something that will lead to gains of at least 40%. However, the key support zone to watch at the moment will be $0.34. Any drop below that price will trigger a bearish fall.
Is Origin Protocol (OGN) a good investment?
The Origin Protocol is a DeFi project that brings NFT integration as well. It also has a yielding stablecoin as part of its ecosystem, something that makes it quite unique compared to other projects.
Although OGN has been on free fall since the end of 2021, it still has outstanding long-term potential. For this reason, you can consider it if you are looking to add more DeFi coins into your wallet.