Today’s trading session has seen Origin Protocol price rise by over five per cent and reversing the long-term bearish trend. However, it is likely that today’s gains are not long-term, and the prices will resume the bearish trend.
However, even with today’s session showing a huge spike in prices, the last 24 hours paint a different picture. The cryptocurrency has lost over 5 per cent of its value. This is partly due to Yesterday’s trading session drop, where Origin Protocol dropped by 11 per cent. Despite all the huge price drop, the Origin Protocol was still able to gain over 75 per cent in trading volume.
This brought the total amount of transactions carried out using the cryptocurrency to $167 million. The sharp increase in the trading volume may have contributed to today’s sharp increase in prices. It is also possible that if the trading volume increase continues, the prices may continue to rise despite the trend being bearish.
In today’s trading session, the price of Origin protocol is up by five per cent. The bullish move comes after three days of consecutive downward moves that saw the cryptocurrency lose more than 20 per cent of its value.
However, today’s trading session is not indicative of any trend reversals. Instead, there is a high likelihood that the current price gains result from corrections in the market. This is because the current trend is still bearish. Furthermore, the current price of the Origin Protocol is also still down by 10 per cent for the month of April, an indication of a bearish trend.
Therefore, I expect the prices to reverse to the current long-term bearish trend using the daily chart below. There is a high likelihood of the prices trading below $0.5 after the prices reverse and continue with the bearish move. I expect the prices to hit the ascending trendline shown in the daily chart below for a more long-term outlook. In the most extreme bearish move cases, it is likely that the prices will be approaching and possibly hitting the $0.2 support level.
This post was last modified on %s = human-readable time difference 15:13