There is a cryptocurrency that is reaching maximum after maximum during the last days, its name is OGN and today I will be conducting an analysis of it.
At the time of this writing, OGN is trading at $ 1.82, accumulating a gain of 15.39% in the last 24 hours.
If you want to know where the price of this crypto is heading, stay and read this post.
What is Origin Protocol and its OGN cryptocurrency?
Origin Protocol is a blockchain that allows users to trade goods and services through peer to peer networks.
The purpose of the project is to create a platform that takes advantage of the Ethereum blockchain, together with the Interplanetary File System (IPFS), to provide an online marketplace capable of eliminating intermediaries.
The protocol allows both buyers and sellers to interact in a decentralized environment to review listings, write reviews, and many other actions, so that asset trading can be carried out much more simply.
With all this, Origin Protocol manages to combat the main problems of existing online markets, such as unfair rates, lack of transparency, little innovation and a lot of centralization.
OGN works as the native token of the protocol, used as governance, incentive system, staking and payments.
Thanks to a market capitalization of $ 494 million, today OGN is ranked 122nd in the crypto ecosystem.
OGN technical analysis
When we look at the weekly chart we notice the great force that the bullish momentum brings.
Due to the widespread momentum the price could give way to a correction in the near future, but at the moment it is not what we should expect.
After the OGN cryptocurrency broke through major resistance at $ 0.4990, a new chapter opened. Now the price is developing a rally with no resistance to worry about, other than psychological prices where investors can take profits.
As I mentioned, the momentum is quite widespread; however, in the event of a correction it will only be another opportunity to move up in favor of the larger trend.
In the daily time frame we observe how during the week that just closed, the price maintained a great short-term impulse, after a long break with little volume.
It is quite clear that the predominant force is that of the bulls. Today the momentum is showing some exhaustion, which could be giving us signs that a pullback is about to begin.
The OGN cryptocurrency is likely to seek to make a healthy correction towards the surrounding area at $ 1.5, between 50% and 61.8% Fibonacci.
When we see a resumption of the trend, the targets next are $ 2.78 and $ 3.37.
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