The Origin Protocol has been one of the most innovative projects in the cryptocurrency industry. Recently, the protocol launched a tokenomics mechanism for its network. The Origin Dollar Governance (OGV) was a game-changer and is expected to be in many exchanges by the end of the month. The launch also saw a boost in the prices of the Origin Protocol, with prices reacting to the markets.
Since its launch, however, the prices have lost momentum and started trading in a sideways market. The latest announcement of an NFT marketplace builder known as Collections also does not look to have impacted the markets. The prices are still trending sideways, and despite today and yesterday’s trading sessions trading upwards, it is highly likely that we will see a continuation of the long-term sideways market.
Most of what has happened on the Origin Protocol’s prices has been driven by market forces far beyond its control. This has included the latest June bear market that, at one point, saw the Origin Protocol prices drop by 45 per cent. Although the prices have since significantly recovered, and the Origin Protocol is only down by 22 per cent for the month, the current cryptocurrency bear market has played a significant role.
Today, the Origin protocol is up over a percentage point, extending the bull run that began yesterday, which saw prices surge by almost 8 per cent. Looking at the chart below, we can see prices have failed to break the $0.28 resistance level to the upside a number of times. The current price surge is also near the resistance level.
Using the past few trading days’ price action, there is a high likelihood that the current price surge will hit and break out of the resistance level to the upside. There is also a high likelihood that we will see the prices trading above $0.3. If the prices have enough momentum, we might see prices trading above the $0.36 price level and setting a new monthly price high.
However, a trade below the $0.2360 price level will invalidate my bullish analysis. It would signal that prices have failed to recover but are continuing with the bearish trend.
This post was last modified on %s = human-readable time difference 14:47