TA- Origin Protocol (OGN) Struggles – OGN Eyes Double Digit Gain

jamesobande

1 year ago

2 mins read

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The price of Origin Protocol (OGN) has struggled to break out of a range recently with few bullish signs against Tether (USDT).

Origin Protocol could be set for a major rally after narrowly breaking out above key resistance as other crypto assets continue to trend higher with double-digit gains.

Origin Protocol (OGN) Price Analysis On The Weekly Chart

Weekly OGN Price Chart Analysis | Source: OGNUSDT On Tradingview.com

From the chart, the price of OGN saw a weekly low of $0.188, which bounced from that area and rallied to a price of $0.24.

The price has struggled to build more momentum as it faces resistance at $0.24.

If the price of OGN on the weekly chart continues with this structure, it could quickly revisit $0.2 acting as a good support area for buy bids.

Weekly resistance for the price of OGN – $0.24.

Weekly support for the price of OGN – $0.2.

Price Analysis Of Origin Protocol On The Daily (1D) Chart

Daily OGN Price Chart Analysis | Source: OGNUSDT On Tradingview.com

The price of OGN found strong support at $0.2, with what seems to be an area of interest on the daily chart.

OGN bounced from its support and has rallied as it faces resistance at $0.24. The price of OGN has continued to range in a channel, breaking out of this channel could send the price of OGN to $0.4 where it will face a major resistance before trending higher in price.

At the point of writing, the price of OGN is at $0.2440, narrowly above the 50 Exponential Moving Average (EMA) which corresponds to $0.240.

OGN needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of OGN to $0.2

The Relative Strength Index (RSI) for the price of OGN on the daily chart is above 40, indicating a low buy bid for OGN.

Daily (1D) resistance for OGN price – $0.2440.

Daily (1D) support for OGN price – $0.20.

Price Analysis OF OGN On The Four-Hourly (4H) Chart

Four Hourly OGN Price Chart Analysis | Source: OGNUSDT On Tradingview.com

The price of OGN is having a hard time breaking out the ranging channel, where it faces resistance at $0.2440.

On the low timeframe, the price of OGN has remained strong above the 50 and 200 EMA which corresponds to the price of $0.22 acting as support for OGN price. OGN holding above those important regions is good for a trend continuation.

If OGN fails to hold this support due to a sell-off we could see the price of OGN in the region of $0.25.

Four-Hourly (4H) resistance for OGN price – $0.244.

Four-Hourly (4H) support for OGN price – $0.22.

Featured image from currency, Charts from TradingView.com

jamesobande

James is a blockchain writer and technical Analyst with more than five years of experience in the crypto space.

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