OGN breaks out and targets the nearest resistance
The Origin Protocol (OGN) has been moving up since May 23rd and has just broken above a descending resistance line.
Both the short and medium term outlook support the possibility that the uptrend will continue towards the resistance area described below.
OGN has been up since May 23 when it hit a low of $ 0.455. Initial gains were strong, peaking at $ 1.45 just three days later.
However, the token has gradually declined since then.
Despite the decline, the technical indicators are still bullish. The MACD is rising and is about to enter the positive zone. The RSI has moved above the 50 line and the stochastic oscillator has created a bullish cross.
The main resistance area is at $ 1.42.
OGN / USDT daily chart | Source: TradingView
Trader @TheEuroSniper sketched the OGN chart, indicating that a retracement of the current resistance line is needed to confirm the token is moving up.
Since the tweet, OGN broke above this line and then confirmed it as support (green symbol), making a higher low.
It has hit a high of $ 0.957 so far.
There is resistance at $ 1.10, this is the fib level and horizontal zone.
MACD and RSI both support the continuation of the uptrend into this zone. A breakdown across the resistor will lead OGN towards the $ 1.42 resistance range described above.
Finally, due to the May 23 rally, the upward move looks impulsive (in green), which suggests that the next drop is a correction and the token will move higher.
OGN / USDT 6-hour chart | Source: TradingView
OGN / BTC
Much like the USD pair, OGN / BTC has been on the upside since May 23rd, after being rejected on May 26th, it broke above the descending resistance line on July 5th, since then the price has risen.
Technical indicators support the continuation of the uptrend and provide almost the same signals as the USD pair.
The main resistance area is 3650 satoshis. Although it looks like OGN is going to hit it, we have yet to determine if it will erupt.
OGN / BTC daily chart | Source: TradingView
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto