Origin Protocol (OGN) still susceptible despite consolidation

The Origin Protocol (OGN) has performed very well in the last seven days. The coin had been selling aggressively for weeks before that.

Nonetheless, despite the consolidation being a positive thing for OGN bulls, the currency is still vulnerable to significant losses. Here are some important things to consider:

• The price of OGN has increased by about 50% from its lowest level in May.
• The coin is still down by over 50% from its all-time high levels. So, there is still a lot of scope for further downside.
• The comeback has begun to slow down, with OGN dropping 11% in the last 24 hours.
• The price of the cryptocurrency is likely to fall as short-term traders liquidate positions.

Origin Protocol – What’s the potential negative consequence?

May was undoubtedly the worst period for cryptocurrency in 2022. As a result, this month OGN reached its lowest price in 2022.

While there was a strong recovery over the last 14 days, OGN is now losing momentum. In fact, after dropping 11% in the past 24 hours, OGN is on track to fall below the $0.2 level.

This level had held the price up for a couple of days but now appears to have lost its strength. A drop below this support could trigger more selling pressure and push the price towards $0.16.

If the price of OGN falls 30%, it will be exposed to at least a 30% loss. This decline is expected to fall on the 25-day EMA, which is about $0.15. Despite this, IGN bulls have a chance to avert this fate.

The most significant thing will be for OGN to climb above $0.2. If OGN can close the day above this price, it could attempt to break its next overhead resistance at $0.23. The following significant level will be at $0.25 above that.

Despite this, hitting $0.23 will be difficult in the near term. As a result, OGN’s upside potential is presently limited.

From below, the bulls have immediate support at $0.16 and $0.15. These are closely followed by the 200-day SMA at $0.145.

The overall market trend is still in favor of the bears. A breakdown below $0.145 could see OGN fall to its next support level of

Should you invest in OGN or wait?

It’s all about your price action, though. You can do both depending on the market. Give it 24 hours and see what happens. If the price is still above $0.2 after 24 hours, it’s a good time to buy.

Origin Protocol (OGN) is still susceptible despite consolidation. Which could see it test its next support level at $0.15 Should you invest in OGN or wait?

Well, you can do both depending on the price action. For now, give it 24 hours. If the price is still above $0.2, then it’s a good time to buy.

However, if OGN breaks below $0.2, then you can wait until it bottoms at $0.15 before getting in. Just remember to set your stop loss at $0.16 to avoid further losses in case the price reverses.

While the long-term outlook for OGN remains bullish, the token faces a few challenges in the short term. First, it has been on a downtrend since mid-February, which is a cause for concern.

Second, the token is currently trading below its 200-day moving average, which is another bearish sign. Finally, the Relative Strength Index (RSI) is now in oversold territory, which means that the selling pressure could continue in the short term.

Despite these challenges, we believe that OGN is still a good long-term investment. This is because the fundamentals of the project remain strong.