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Compound (COMP) and Origin Protocol (OGN) Technical Analysis: What to Expect?

source-logo  cryptoknowmics.com 07 August 2021 11:36, UTC

Compound and Origin Protocol prices are solid. COMP/USDT bulls now target $530 as OGN/USDT buyers double down, aiming at $0.95.

Compound (COMP)

It is one of the most active DeFi protocols in Ethereum.

Using COMP for governance, users can deposit tokens for yields from supported pools.

Past Performance of COMP

Trading in a bullish breakout pattern, COMP coin buyers are squarely in control of proceedings.

In the short term, every low allows for doubling down, especially for risk-off traders.

At press time, COMP crypto is up five percent. Meanwhile, buyers are training their muzzles at $530 in the short term.

Day-Ahead and What to Expect

Technical candlestick arrangements in the daily chart suggest strength, a reason fanning demand for optimistic COMP crypto bulls.

After a ten-day consolidation in late July to early August, the breakout of August 4 confirmed buyers, setting the foundation for a lift-off towards $530—a crucial resistance level.

COMP/USDT Technical Analysis

Compound Price Daily Chart for Aug 7

There is little substance in dismissing COMP bulls, as the current Compound technical analysis shows.

In a bullish breakout pattern above $440, the uptick in trading volumes and the wide-ranging bar of August 4 is enough evidence confirming bulls.

Technically, with increasing bullish momentum, every low offers a buying opportunity for COMP bulls aiming at $530.

An unexpected shock driving the price below $440 cancels the uptrend.

Origin Protocol (OGN)

The peer-to-peer marketplace leverages Ethereum and the IPFS to be permissionless and transparent, using OGN as currency.

Past Performance of OGN

Even though OGN token gains are visible, the upswing isn't defined.

Instead, OGN/USDT prices are mainly consolidating within a tight trade range as Origin Protocol technical analysis shows.

At the time of writing, OGN is up 14 percent but below $0.95. Even so, OGN crypto token buyers have the upper hand.

Day-Ahead and What to Expect

Technically, Origin Protocol token buyers are in control despite recent consolidation and failure of buyers closing above July 2021 highs.

Nonetheless, if bulls flow back, a close above $0.95 would open up OGN crypto to $1.—the 61.8 percent Fibonacci retracement level of the H1 2021 trade range.

OGN/USDT Technical Analysis

Origin Protocol Price Daily Chart for Aug 7

There are higher highs visible in the daily chart as the OGN technical analysis reveals.

As a result, Origin Protocol coin buyers may search for suitable entries in lower time frames, targeting $0.95 in the short term.

Sustained gains would see OGN prices rip past July 2021 highs towards $1.3 in the medium term.

Conversely, steep losses below $0.70 nullify the uptrend, paving the road for sellers targeting $0.55.

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