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The Origin Protocol Token has once again appeared as a daily mover in the cryptocurrency market. The price of the token has increased by 0.63% as it continues to challenge the resistance price level at the $0.2300 mark. However, some signs suggest the resistance may remain unbroken.
OGN Statistics:
Current OGN Value: $0.2289
Origin Protocol Market Cap: $131 million
Origin Protocol Circulating Supply: 579 million
OGN Total Supply: 1 billion
Origin Protocol CoinMarketCap Rank: 399
Key Price Levels:
Resistance: $0.2289, $0.2350, and $0.2450
Support: $0.2280, $0.2200, and $0.2150
Origin Protocol Bulls Face a Tough Challenge at the $0.2300 Mark
Price action in the OGN daily market has started on a positive note today. However, the current session suggests that the market is up against a tough challenge at this point. This is evident, as the ongoing session seems to have contracted considerably after testing the $0.2300 resistance mark.
The mentioned price level lies at the Fibonacci Retracement level of 23.60. Despite the perceived contraction, it can be seen that the Stochastic Relative Strength Index (RSI) indicator lines are steeply pointed into the overbought region, suggesting that upside forces are still generally in play.
OGN Bulls Are Trying to Retain Dominance
In the Origin Protocol 4-hour market, upon close observation, one can see that prices have increased to $0.2290 from $0.2300. Consequently, this hints that despite the downward correction in the ongoing session, upside forces are still trying to influence price dynamics. Additionally, the last price candle can be seen above the Guppy Multiple Moving Average (GMMA) lines.
Also, the Moving Average Convergence Divergence (MACD) lines have risen past the equilibrium level. However, the bars of the indicator are now pale green. Consequently, this suggests that upside forces aren’t as strong. Therefore, traders who wish to make use of bullish crypto signals, hoping that the market may hit the $0.2350 mark, should do so with caution.
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