Sheldon McIntyre, CMT
Independent Analyst
- Origin Protocol price has anticipated the bullish developments.
- Coinbase listing offers a seamless way to participate in the Origin community.
- Cup-with-handle measured move target has been reached.
Origin Protocol price has rallied approximately 460% from a cup-with-handle primary base triggered just in early March, and the measured move target has been reached. Upside will be limited in the short term.
Origin Protocol price momentum is extremely overbought
The new listing on Coinbase is a significant milestone for OGN. It will open up the opportunity for US individuals to purchase the DeFi token and participate in the Origin community. It is a big step towards achieving their vision “of bringing NFTs, decentralized commerce, and decentralized finance to the mainstream.”
Based on the price action today, OGN appears to have anticipated the exciting news over the course of the last month, because it is gaining only 4.60% today. Or maybe, the muted price response is due to the highly overbought condition on the weekly chart combined with the measured move resistance at $3.23.
Moving forward, the outlook for OGN is mildly bearish. Yes, overbought conditions can last longer than you can stay solvent. Still, when taken in light of the present resistance, the odds favor a consolidation or a deeper correction.
Support levels begin at the 23.6% Fibonacci retracement from the cup-with-handle breakout to this month’s high. A better support level is between the 50% retracement level at $2.02 and the 61.8% retracement level at $1.68.
OGN/USD 3-day chart
Traders may get lucky, and OGN shakes off the weekly overbought condition. Still, the upside will be limited to the 261.8% extension of the January 2020 decline, representing only a gain of 17% from the current price.
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