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

Time Stamp: June 3, 2022 10:45 AM
Source Node: 1340114

OGN Technical Analysis

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. 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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