Sunday, December 4, 2022

Should you buy Origin Protocol as it maintains above the oversold bottom?

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  • Origin Protocol aims to enhance NFT and DeFi adoption

  • Origin Protocol’s OGN token hit an all-time high of $3.45 in March 2021

  • The token is currently consolidating and has met resistance

As non-fungible tokens gained momentum in 2021, Origin protocol (OGN/USD) was expected to grow. Its native token was trading at a mere $0.13 at the start of 2021, rising to a high of $3.45 the same year. At the current trading of $0.25, OGN is a shadow of itself from last year’s highs. Continued bearish weakness in crypto is contributing to the downside.

Origin Protocol is a blockchain platform that seeks to enhance mainstream adoption of NFTs and DeFi. The protocol was founded in 2017 with the objective of enabling commerce on blockchains. OGN is the governance and utility token powering the Origin Protocol. The digital asset allows holders to vote on proposals governing the underlying protocol. The number of circulating OGN tokens is 388,570,732.54 from a total supply of 1,000,000,000 and an equivalent hard cap. We believe investors should monitor OGN based on key technical aspects.

OGN consolidates close to an oversold bottom

Source: Tradingview

Technically, OGN is trading at a $0.26 resistance level. The token entered the oversold zone when it hit the $0.19 support level, with an RSI reading of 24. The RSI is currently at 51, showing that the token is escaping the oversold bottom. However, it has hit the resistance zone.

From the above technical perspective, OGN remains an ideal investment in the short term. We are yet to find a lasting bullish momentum as the token remains in consolidation mode. The broader cryptocurrency market remains largely bearish, and the OGN could remain subdued. An ideal buy entry on OGN is on a retracement to the $0.19 support level or a break above the $0.26 resistance. In the meantime, investors can capitalize on the short-term opportunities within the consolidation zone.

Summary 

Origin Protocol holds a place in the NFT and DeFi space. Its native token is yet to recover after a crypto crash. Investors can take advantage of short-term opportunities as the token consolidates below the $0.19 resistance.

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