Price action in the Origin Protocol daily market has rebounded strongly off a psychological support level at the $0.1400 mark. Consequently, the market now has an upside propensity. However, such a sudden price surge may trigger some headwinds, with the resulting outcomes dependent on how much resistance the upside forces are ready to overcome.
Key Price Levels:
Resistance: $0.1900, $0.2000, and $0.2500
Support: $0.1600, $0.1300, and $0.1000
The Origin Protocol Market Stays Significantly Bullish
The OGN market has seen a significant upside price movement today, with the token’s price surging by approximately 11%. As a result, the market now trades above a 21-day Exponential Moving Average (EMA) curve.
The last price candle here can be seen far above the EMA curve despite appearing red, indicating that downward forces are already acting on price movement. Such activity may raise concerns, but the Moving Average Convergence Divergence (MACD) indicator lines show that upside forces maintain a strong stance, keeping bullish crypto signals relevant in this market.
OGN’s Positively Choppy Characteristics Get More Expressed
While the Origin Protocol market has an upward trajectory, it exhibits choppy characteristics. Nevertheless, recent choppy activity has resulted in positive movements. Price activity in the ongoing session can be seen as approaching the 50 mark of the Fibonacci Retracement level.
Simultaneously, price action is above the 21-day EMA curve. Additionally, the MACD lines are still rising upwards through the equilibrium level, with the bars of the indicator continuing to point to strong upside momentum. Consequently, this may see a further rise through $0.1700 towards the $0.2000 mark.
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