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OGN coin price faces extreme selling pressure despite a bullish breakout. Will it manage to overcome the pressure and touch the $1.5 mark?
Origin Protocol is an online marketplace that allows market participants and others to trade goods and services via peer-to-peer networks (P2P). This platform aims at creating an extensive online marketplace using the Ethereum (ETH), blockchain, and Interplanetary File System (IPFS) to eliminate the need to have middlemen.
Let us now take a look into the technical analysis of Origin Protocol.
Past Performance of OGN
OGN coin price breaks above the ascending resistance trend line in the daily chart. However, the breakout faces extreme selling pressure slightly below the $1.5 mark. As a result, the coin price retests the resistance trend line.
At press time, the coin price is $1.22 with a fall of 2.15% in the market cap resulting in the follow-through candle after a higher price rejection candle. Moreover, the intraday trading volume of Origin Protocol has increased by 115%, reflecting the magnitude of selling pressure.
OGN/USD Daily Chart
OGN Technical Analysis
OGN coin prices can soon succumb to the selling pressure and touch the $0.95 mark. However, the slight chance of a bullish reversal is still on the table till the price breaks below the trend line.
Upon the trend line fallout, the coin price may find support near the Pivot Points at $1.00 and $0.75. And, if the buyers regain momentum, the $1.28 and $1.56 can help oppose the bull run.
The RSI slope struggles to enter the oversold arena due to rejection near the 70% mark. However, the RSI still indicates the coin is slightly overbought as the slope reaches 65%. Hence, the RSI indicator gives a sell signal for the OGN coin.
Contrary to the RSI, the MACD indicator gives a buy signal for Origin Protocol in the daily chart. The fast and slow lines maintain bullish alignment with growing bullish histograms.
Upcoming Trend
As per the technical analysis of Origin Protocol, the future trend of OGN coin price can turn bearish real quick if it closes below the trend line. However, the selling opportunity will arise upon the $1.15 fallout. And buyers can find an entry opportunity upon the $1.35 breakout.