Our bullish Origin protocol price prediction seems to be hanging by a thread. OGN coin has failed to break out of the downtrend after getting rejected from the downwards trendline. In February, the cryptocurrency dipped to $0.25. However, it bounced off immediately and the price soared to $0.84 in March. This was around a 252% price increase in just a month.
There has been a significant increase in the trading volume of Origin Protocol over the past few months. The region of $0.24-0.28 has acted as support a couple of times as the price bounced off this level. Nevertheless, the coin has still failed to break out of the downtrend. OGN price chart shows multiple rejections from the trendline in March and April.
Origin is a platform for building peer-to-peer marketplaces. Users can create their e-commerce applications powered by the Origin blockchain. It also provides creators with a platform to launch their NFTs on their domains while targeting different audiences.
The protocol has already hosted numerous NFT sales for top musicians, celebrities and creators. As per the recent Origin Protocol news, OGN crypto is now trading on the Korean exchange Bithumb.
Technical analysis of the OGN USD price chart shows that the bulls are losing momentum after the failed breakout attempt. Currently, the coin is trading at $0.40, which is 88% down from its April 2021 all-time high. Therefore, if the price doesn’t bounce off the $0.38 level, it may retest the $0.24-$0.28 support.
Any bullish Origin protocol price prediction would be unattainable until the coin breaks above $0.72 level. Such a move could give the price enough momentum to surge even above $1. However, such a move seems to be unlikely in the current market scenario as Bitcoin is consolidating around $36,000.
The $0.24-$0.28 support area must be held at any cost as a breakdown may send the prices to the $0.11 level which would be a nightmare for the short-term traders.
This post was last modified on May 07, 2022, 17:06 BST 17:06