Analytics

OGN Technical Analysis: Buyers At $0.18 Stand Strong in Bear Market

OGN prices showcase a long-coming resistance trendline pushing the prices back to the $0.18 mark. Will buyers outstand the selling spree? Key technical points:

  • The market price has decreased 2.06% over the past 24 hours.
  • The price action shows a selling spree kicks the market value down to $0.18.
  • The 24-hour trading volume of Origin Protocol is $120 Million, indicating a hike of 98%.

Past Performance of OGN

OGN prices remain a falling trend as they fail to sustain above the 200-day EMA and surpass the $0.70 resistance level. The rejection leads to a long correction phase under the influence of a highly bearish resistance trendline. However, the selling pressure struggles to surpass the $0.18 mark as it provides a solid bullish launchpad.

Source- Tradingview

OGN Technical Analysis 

The currently forming OGN daily candle shows a bullish failure to reach the resistance trendline and significantly higher price rejection. Hence, traders can expect the selling pressure to finally take down the $0.18 support level and form a new low. The daily-RSI slope shows a failed bullish attempt to reach the halfway line but continues to fall lower within the nearly oversold zone. And the falling trend in the 14-day SMA line provides a dynamic resistance. The MACD indicator displays a negative trend starting in the fast and slow lines with the bearish crossover resulting in a negative trend in histograms. Hence, the indicator shows a gradual increase in selling pressure. Thus, the technical indicators take a bearish side and indicate a selling opportunity, but price action traders might want to wait till the price drops under $0.18. In a nutshell, the OGN technical analysis forecasts a bullish reversal failure ready to form a new low.

Upcoming Trend

Suppose the bearish engulfing candle grows, OGN prices will plunge under the $0.18 mark to form a new low, potentially near $0.15. Resistance Levels: $0.20 and $0.28 Support Levels: $0.18 and $0.15

   

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