OGN Technical Analysis: Bearish Breakdown Retest Warns Death Spiral
Table of contents
Key technical points:
Past Performance of OGN
OGN prices show a bullish attempt to break above the resistance trendline that has kept the bearish influence over the price trend for two months. The increase in buying pressure near the $0.18 support level resulted in a surge above 15% to surpass the resistance trendline.
Source- Tradingview
OGN Technical Analysis
OGN prices showcase a boom in buying pressure as the trading volume jumps to support the price jump. Hence, the candle closing above the resistance trendline will likely result in a price jump to $0.30. The crucial SMAs – 50, 100, and 200-days maintain a bearish trend, with the 50-day SMA providing resistance to the breakout attempt. Hence, the breakout of the SMA will result in a high-momentum uptrend.
The RSI slope shows an uptrend surpassing the 14-day SMA and preparing a jump above the halfway line. Hence, the indicator shows an increase in the underlying bullishness. The MACD indicator shows the fast and slow line trapped in a sideways trend, giving no decisive signal. Hence, the MACD indicator gives a neutral signal at the current market price. nIn a nutshell, the OGN technical analysis forecasts a bullish breakout rally surpassing the $0.30 mark.
Upcoming Trend
OGN prices can surpass the overhead resistance at the $0.30 mark if the uptrend surpasses the 50-day SMA. Hence, the breakout rally can reach the $0.40 mark if the buying pressure grows overnight.
Resistance Levels: $0.30 and $0.40
Support Levels: $0.20 and $0.18