Crypto investors holding the Origin Token (OGN) cryptocurrency need to pay attention, as market analyst Crypto Patel today delivered disturbing news that shows that the altcoin is set for significant declines this month.
Origin Token (OGN) is the native cryptocurrency of the Origin Protocol, a decentralized finance (DeFi) platform designed to build the future of internet commerce, aiming to develop a true peer-to-peer commerce. The DeFi network powers decentralized e-commerce platforms and peer-to-peer marketplaces, enabling users to buy and sell services and goods on such marketplaces in a decentralized manner, without the involvement of intermediaries and with decreased transaction fees.
OGN’s recent drastic price drop prompted the analyst to sound an alarm, pointing out the difficulties in the network. Today, the price of the Origin Protocol currently trades at $0.02229 amid a small 3.3% rise noted over the past 24 hours. Its price has been down 17.9% and 27.0% over the past week and month, respectively, indicating investors’ cautiousness in the market.
Why The Analyst Is Bearish On OGN
In his post shared today on the X social media platform, the analyst pointed out major indicators that have turned bearish on OGN’s market, suggesting that the downturn might not be a temporary dip. The analyst shared an OGN weekly chart, indicating a downtrend with significant falls pending. The analyst explained the reasons why he is bearish on the asset. First, as per the chart, the asset’s market structure is bearish with a series of LL (lower lows) and LH (Lower highs). The weekly chart shows that the downtrend continues as illustrated by a sequence of increased lows in reference to previous highs, indicating strong seller control.
Secondly, on-chain data shows that the asset trades below 7-day, 30-day, and 200-day moving averages, pointing out oversold conditions with no bullish reversal. While OGN is currently holding its price around the $0.0299 support zone, technical analysis shows that the asset is forming a bearish pennant pattern in the weekly HTF (higher timeframe), predicting a possible 23% further decline if it fails to hold its price above this support level.
The current price of the Origin Token is $0.02238.OGN Faces Market Weakness
Today, Origin Protocol trades at $0.02229, after seeing a 3.3% rise over the past 24 hours. Its weekly and monthly falls (as highlighted above) not only show red flashes on crypto investors’ holdings, but also indicate panic selling floods on the crypto asset. However, the sell-off is not OGN-specific, but a reflection of a broader panic currently being witnessed in the larger crypto market, as the Coinglass Fear and Greed Index currently stands at 5, indicating extreme fear.
The 47.56% drop in OGN’s trading volume, according to data from CoinMarketCap, reflects that heightened selling pressure, which indicates panic among investors, not strategic profit-taking activity.
Source: https://blockchainreporter.net/ogn-trades-at-0-02229-crucial-support-sets-up-for-further-bear-market-analyst/
