TA- Origin Protocol (OGN) Struggles – OGN Eyes Double Digit Gain
August 16 2022 - 3:00PM
NEWSBTC
The price of Origin Protocol (OGN) has struggled to break out
of a range recently with few bullish signs against Tether (USDT).
Origin Protocol could be set for a major rally after narrowly
breaking out above key resistance as other crypto assets continue
to trend higher with double-digit gains. Related Reading: Shiba Inu
Trends Upwards Through Strong Whale Accumulations Origin Protocol
(OGN) Price Analysis On The Weekly Chart From the chart, the price
of OGN saw a weekly low of $0.188, which bounced from that area and
rallied to a price of $0.24. The price has struggled to build more
momentum as it faces resistance at $0.24. If the price of OGN on
the weekly chart continues with this structure, it could quickly
revisit $0.2 acting as a good support area for buy bids.
Weekly resistance for the price of OGN – $0.24. Weekly support for
the price of OGN – $0.2. Price Analysis Of Origin Protocol On The
Daily (1D) Chart The price of OGN found strong support at $0.2,
with what seems to be an area of interest on the daily chart. OGN
bounced from its support and has rallied as it faces resistance at
$0.24. The price of OGN has continued to range in a channel,
breaking out of this channel could send the price of OGN to $0.4
where it will face a major resistance before trending higher in
price. At the point of writing, the price of OGN is at $0.2440,
narrowly above the 50 Exponential Moving Average (EMA) which
corresponds to $0.240. OGN needs to hold above this support area
that corresponds with the 50 EMA, a break below this region could
send the price of OGN to $0.2 The Relative Strength Index (RSI) for
the price of OGN on the daily chart is above 40, indicating a low
buy bid for OGN. Daily (1D) resistance for OGN price – $0.2440.
Daily (1D) support for OGN price – $0.20. Price Analysis OF OGN On
The Four-Hourly (4H) Chart The price of OGN is having a hard time
breaking out the ranging channel, where it faces resistance at
$0.2440. On the low timeframe, the price of OGN has remained
strong above the 50 and 200 EMA which corresponds to the price of
$0.22 acting as support for OGN price. OGN holding above those
important regions is good for a trend continuation. If OGN fails to
hold this support due to a sell-off we could see the price of OGN
in the region of $0.25. Four-Hourly (4H) resistance for OGN price –
$0.244. Four-Hourly (4H) support for OGN price – $0.22. Related
Reading: Bitcoin Price Trades A Little Over $24,000, Can It Target
$27,000? Featured image from currency, Charts from
TradingView.com
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