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 presently 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 spot 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 onerous cap. We consider buyers ought to monitor OGN based mostly on key technical elements.
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 presently at 51, exhibiting that the token is escaping the oversold backside. However, it has hit the resistance zone.
From the above technical perspective, OGN stays an excellent 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 might stay subdued. An ultimate 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, buyers can capitalize on the short-term alternatives inside the consolidation zone.
Summary
Origin Protocol holds a spot in the NFT and DeFi house. Its native token is but to recuperate after a crypto crash. Investors can make the most of short-term alternatives as the token consolidates under the $0.19 resistance.
