Origin Token (OGN) Could Break Out in August - Here's Why | Credit: Veronica Cestari
Share
Key Takeaways
Origin Token (OGN) broke out from a descending resistance trend line.
The OGN price reclaimed two important horizontal support levels.
Has OGN finally reached a long-term bottom and started its trend reversal?
Origin Token (OGN), previously known as Origin Protocol, is one of the best-performing crypto assets today.
It has shown signs of life after months of decline, sparking speculation about a possible long-term trend reversal.
With bullish momentum indicators flashing green, the main question is: has OGN finally bottomed out?
OGN Price Breakout
The weekly time frame analysis shows that the price of OGN broke down from the $0.070 horizontal support area, falling to an all-time low of $0.042 in June.
However, it has regained its footing since. OGN created a double bottom pattern and broke out from a confluence of resistances in July.
Get These Top Crypto Casino Offers Now!
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
Not only did the OGN price break out from its long-term trend line, but it also reclaimed the $0.070 area, confirming that the drop was just a deviation.
If the rally continues, the next long-term resistance will be at $0.165, more than double the current price.
Momentum indicators back the bullish trend, too. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) generated bullish divergences before the breakout.
The RSI is now above 50, and the MACD is almost positive, the final step in confirming the bullish trend.
The many positive readings from the weekly time frame suggest OGN’s long-term prediction is bullish, and a high of $0.165 is attainable in August.
Bullish OGN Trend
The wave count agrees with the positive sentiment, suggesting that OGN has completed an A-B-C correction (red), where waves A and C have the same length.
Combined with the other bullish readings, it is clear that the OGN price has started a bullish trend reversal, shaped as a five-wave increase (green).
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
