Origin Protocol (OGN) Retracts Below Fibonacci Retracement Level 50

The price of the Origin Protocol tokens has seen significant movements in today’s trading session. This saw the token’s price spike through multiple resistance marks. However, such a sudden price increase drew the attention of bear traders, who used the opportunity to take out some profits.

OGN Statistics:
Origin Protocol Value Now: $0.0949
Origin Protocol Market Cap: $53,020,166
OGN Circulating Supply: 559,291,297
Origin Protocol Total Supply: 1,000,000,000
OGN CoinMarketCap Ranking: 342

Major Price Levels:
Top: $0.0949, $0.1000, and $0.1100
Base: $0.0900, $0.0850, and $0.0800

OGN Buyers Stay Optimistic

Despite the resulting downward correction that followed the sudden price increase in today’s trading session, it appears that buyers may still recover some of their realized losses. The Origin Protocol price action for today’s trading session can be seen preparing to advance through the 50 Fibonacci Retracement level. The close of this price candle is now at this level and may rise through it shortly.

Also, price action is still occurring above the middle limit of the Bollinger Bands, which shows that buyers still have some good ground. On the contrary, the Relative Strength Index (RSI) indicator indicates a downtrend in upside momentum. This appears contradictory, and traders may need to seek more confirmation at this point.

Buyers of the Origin Protocol Token Are Trying to Abate Further Downward Correction

Although still weak, it could be seen that OGN buyers are staging a resistance against further price downward correction. A green dash-shaped inverted price candle appeared following a longer red price candle on this chart. Also, this is happening while trading activities are still occurring above the middle limit of the Bollinger Bands indicator.

Likewise, the Moving Average Convergence Divergence MACD indicator lines are now above the equilibrium point, although the bars of this indicator show that upside momentum is weak. The majority of signs coming from technical indicators seem to offer some hope for optimistic OGN buyers, as prices may resume trending toward the $0.1000 mark.

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