Back to the list

1Inch Exchange (1INCH) and Origin Protocol (OGN) Technical Analysis: What to Expect?

cryptoknowmics.com 15 June 2021 12:16, UTC
Reading time: ~3 m

1Inch Exchange and Original Protocol are in green. OGN/USDT prices could race to $1.3 while 1INCH/USDT bulls target $7.5.

1Inch Exchange (1INCH)

The Binance Labs-backed DEX aggregator provides the best prices for DeFi swappers. Using 1INCH token, holders have instant governance of the protocol.

Past Performance of 1INCH

Encouraging developments on June 14 as price action in the daily chart shows; bulls have the upper hand.

At the time of writing, 1INCH is up 22 percent, building on the recoveries from the tail-end of last week.

The odds of a close above $3.5 in a buy trend continuation pattern remains high.

Day-Ahead and What to Expect

1INCH/USDT prices are leveling out after posting sharp losses from the second half of May 2021.

Overly, the path of the least resistance from the top-down is southwards.

However, that will change if today’s close is firm and with high trading volumes above $3.5.

1INCH/USDT Technical Analysis

There is an opportunity for aggressive traders to buy the dips, targeting May 2021 highs of $7.5.

This is subject to a close above $3.5, preferably with high trading volumes.

Risk-averse 1INCH holders can wait for clearance above $4 to double down.

Losses below $2.5 and later $2 cancel the uptrend.

Origin Protocol (OGN)

OGN token is behind the platform that leverages Ethereum and the IPFS blockchain.

Their overall objective is to build a decentralized and robust system where users can promote their products cheaply, without an intermediary.

Past Performance of OGN

The OGN price fell 80 percent from April 2021 highs before finding support.

At press time, though, prices are recovering. OGN builds on the weekend’s gains, adding 17 percent below $1 and the middle BB.

Day-Ahead and What to Expect

The OGN/USDT prices were under pressure, but there are signs of optimism reading from price action in the daily chart.

For instance, there has been confirmation of the double-bar bullish reversal of June 12 and 13.

Additionally, since OGN prices are within the May 25 to 26 bull trade range, buyers have the upper hand from an Effort-versus-Results perspective.

This bulwarks bulls’ confidence, helping form a solid foundation.

OGN/USDT Technical Analysis

Aggressive traders may find loading opportunities below the middle BB and $1.

Since there is a double-bar bullish reversal pattern of June 12 and 13 is valid, and OGN/USDT prices are within May 24 to 26 trade range, the uptrend seems firm.

OGN buyers could target $1.3.

On the other hand, losses below $0.50—May 2021 lows—invalidate the uptrend.

Back to the list