Origin Protocol (OGN) price has been in the news for the past few days. The coin had a massive surge on Monday from its all-time lows. However, the price action got reversed for the OGN coin as the BTC price broke below the key support level of $29,500.
On Tuesday, cryptocurrencies are trading in red as BTC price is still trading around $29,000. Most altcoins are awaiting the next major Bitcoin move as the selling pressure increases in crypto markets. Origin Protocol lost another 3.3% today, in its second red day in a row.
The exact reason behind the recent surge in OGN is still not known. Such strong surges at the bottom usually signal a bullish reversal. However, the bulls seem to have lost momentum after the breakout. If the buyers step in at current prices, the outlook might flip very bullish.
One possible reason behind the recent price increase could be the liquidity mining campaign on Curve Finance. Curve Finance is a popular decentralized exchange (DEX) that allows users to swap between stablecoins. The liquidity mining campaign promised 1,161% APY, which attracted a lot of attention, and hence Origin Protocol price increased.
Despite a 25.5% pullback this week, the OGN coin remains more than 50% above its June 2023 lows. While on a higher timeframe, bears still appear to be more dominant, on a short timeframe, bulls are calling the shots. It is quite clear from the following chart that the price is retesting the trendline after a breakout on Sunday.
If this breakout gets confirmed, Origin Protocol price prediction will become extremely bullish. In such a scenario, the first major target for the bulls would be the weekly swing high of $0.165 which is more than 70% above the current price level.
In the meantime, I’ll keep sharing updated OGN analysis as well as the upcoming 1000x gems on Twitter, where you are welcome to follow me.
This post was last modified on Jul 25, 2023, 08:49 BST 08:49