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Vikram
Jun 3, 2022
by Vikram

OGN Technical Analysis: Will the Breakout Rally Surpass $0.50?

OGN Technical Analysis

Table of contents

  1. OGN Technical Analysis
  2. Upcoming Trend
OGN price action shows a double bottom breakout retest ready to restart the breakout rally and reach the psychological barrier at $0.50.

Key technical points:

  • The OGN market value increased by 11.20% today at press time.

  • The price action teases a morning star pattern formation.

  • The 24-hour trading volume of Origin Protocol is $152 Million, indicating a drop of 1.31%.

    • Past Performance of OGN

    The failure of the uptrend to stay over 200 days EMA and the $0.70 level, triggered a downfall of 75% in market value. This resulted in the $0.50 breakout, and the falling prices took support around the $0.18 mark. However, the buyers created a double bottom pattern, which resulted in a bullish reversal and the $0.28 breakout. Currently, the neckline retests kick off an ensuing rally by forming a morning star.

    TradingView Chart

    Source- Tradingview

    OGN Technical Analysis

    OGN/USD price chart shows the 50-day EMA providing resistance to the bullish growth, which led to the double bottom breakout retest. However, the EMA breakout chances increase as the post-retest rally shows no higher price rejection at press time. The falling trend in the 50(red), 100(blue), and 200-day (black) EMAs maintain a bearish alignment with the 50-day EMA providing dynamic resistance. Hence, traders can expect the EMA breakout as a bullish entry spot.

    The RSI slope shows a sharp diagonal rise after the parabolic uptrend reversing the oversold territory to surpass the 14-day SMA. Furthermore, the MACD indicator shows an uptrend in the fast and slow lines as they diverge to regain bullish alignment. In a nutshell, OGN technical analysis shows an increase in buying pressure, ready to reach $0.50.

    Upcoming Trend

    The 50-day EMA breakout will signal an entry spot for buyers as the breakout rally can push the OGN market value to $0.50. However, a reversal from the 50-day EMA can undermine the bullish pattern breakout and breach the $0.30 mark.

    Resistance Levels: $0.40 and $0.50

    Support Levels: $0.30 and $0.18

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    OGN Technical Analysis: Will the Breakout Rally Surpass $0.50?
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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