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

    • Origin Protocol goals to boost NFT and DeFi adoption

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

    • The token is at the moment consolidating and has met resistance

    As non-fungible tokens gained momentum in 2021, Origin protocol (OGN/USD) was anticipated to develop. Its native token was buying and selling at a mere $0.13 at the begin of 2021, rising to a excessive of $3.45 the identical yr. At the present buying and selling of $0.25, OGN is a shadow of itself from final yr’s highs. Continued bearish weak point in crypto is contributing to the draw back.

    Origin Protocol is a blockchain platform that seeks to boost mainstream adoption of NFTs and DeFi. The protocol was based in 2017 with the goal of enabling commerce on blockchains. OGN is the governance and utility token powering the Origin Protocol. The digital asset permits holders to vote on proposals governing the underlying protocol. The variety of circulating OGN tokens is 388,570,732.54 from a complete provide of 1,000,000,000 and an equal laborious cap. We imagine traders ought to monitor OGN based mostly on key technical points.

    OGN consolidates near an oversold backside

    Source: Tradingview

    Technically, OGN is buying and selling at a $0.26 resistance degree. The token entered the oversold zone when it hit the $0.19 help degree, with an RSI studying of 24. The RSI is at the moment at 51, displaying that the token is escaping the oversold backside. However, it has hit the resistance zone.

    From the above technical perspective, OGN stays a really perfect funding in the brief time period. We are but to discover a lasting bullish momentum as the token stays in consolidation mode. The broader cryptocurrency market stays largely bearish, and the OGN may stay subdued. An preferrred buy entry on OGN is on a retracement to the $0.19 help degree or a break above the $0.26 resistance. In the meantime, traders can capitalize on the short-term alternatives inside the consolidation zone.


    Origin Protocol holds a spot in the NFT and DeFi house. Its native token is but to get well after a crypto crash. Investors can reap the benefits of short-term alternatives as the token consolidates beneath the $0.19 resistance.

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