Categories: Analysis

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 appears

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

breakthrough

Trader @TheEuroSniper sketched the OGN chart, indicating that a retracement of the current resistance line is needed to confirm the token is moving up.

Source: Twitter

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.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page trang

CoinX

Recent Posts

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

2 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

4 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

5 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

8 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

11 hours ago

This website uses cookies.