In two days, Wednesday and Thursday, the price of Origin Protocol price dropped by 50 per cent after a UST sparked sell-off saw the cryptocurrency investors becoming extremely cautious with their investments. However, in today’s trading session, Origin protocol price has gained 23 per cent in the markets.
Before the current crash of the cryptocurrency industry, the Origin Protocol had started to increase its daily trading volume. However, despite today’s recovery, the past 24 hours have seen a significant drop of 48 per cent in its trading volume. This has brought its total trading volume during that time to $41 million.
However, despite the sudden Origin protocol crash, the past few weeks were very positive for the future of the cryptocurrency. This includes the latest addition to the Kraken platform for users in USA and Canada. The developments will see new users, who previously could not stake the cryptocurrency, start acquiring it on the platform. Normally, such additions to exchanges result in higher trading volume and user traction which drives the prices high.
On Wednesday, Origin protocol price pierced through the $0.26 support level, dropping by 33 per cent during the trading session. The drop was followed by a 21 per cent drop in the early morning hours of yesterday’s trading session. However, the prices would later recover and close the market at a loss of 4 per cent.
In today’s trading session, the prices continued the upward trend that started in the late hours of yesterday’s trading session. This has resulted in a 23 per cent market gain which has wiped yesterday’s losses.
Looking at the chart below, there is a high likelihood of the prices continuing the recovery. However, much of what will happen with the Origin protocol depends on the current market forces. If investors’ fears are quelled, then we should expect to see prices starting to move higher in the coming sessions.
However, if investors remain at the extreme fear level of the Fear and Greed Index, my bullish analysis will be invalidated. IT is likely that the prices will start moving towards the recently set price low of $0.15.
This post was last modified on May 13, 2022, 14:00 BST 14:00