Key Takeaways:
- OGN/USD has been in a downtrend since January 2023, with a recent break below the $0.15 support level, currently trading near $0.13.
- The 50-day and 200-day EMAs underwent a bearish death cross, but a recent price spike resulted in a breakout over both EMAs, hinting at returning bullishness.
- The RSI is slightly above 60, suggesting the recent surge in prices may sustain in the near future before reaching overbought territory.
- OGN recently recovered from YTD lows of $0.065, but a long way remains to regain significant bullishness in the token.
- Technical analysis indicates a likelihood of OGN/USD remaining bearish for the rest of 2023, with a potential short-term trading range between $0.13 and $0.15 and a possibility of targeting a $0.17 resistance level if breaking above $0.15.
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OGN/USDT Price Analysis
OGN/USDT | Source: TradingView
- The daily chart for ODN/USD shows that the price has been in a downtrend since reaching a high of $0.27 in January 2023. The price has recently broken below the support level of $0.15 and is now trading near $0.13.
- The 50-day and 200-day exponential moving averages (EMAs) went through a bearish death cross. However, the recent spike in OGN price has resulted in a breakout over both of these EMAs, hinting at some returning bullishness.
- The RSI is currently just above 60 as of writing this article. This indicates that the sudden surge in prices can be expected to sustain in the near future as it hasn’t reached overbought territory yet.
- OGN has only recently been able to recover from YTD lows of $0.065 and there is still a long way to go before it can reattain some bullishness in the token. Until then, bearish views on the token may prove to be more profitable in the very short term.
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OGN 2023 Price Prediction
Technical analysis suggests that OGN/USD is likely to remain bearish for the rest of 2023. The price has been in a downtrend since January 2023 and has recently broken below the support level of $0.15. The 50-day and 200-day EMAs are both presently bearish, while OGN price did manage to provide a breakout, it is currently below the 200-day exponential moving average again So this may bring in some amount of bearishness.
However, there are some signs that the downtrend could be nearing its end. The price has recently reached the 61.8% retracement level, which is a common level for bounces to occur. If the price can break above the support level of $0.13, it could signal a reversal in the trend.
In the short term, we can expect OGN/USD to trade between $0.13 and $0.15. However, if the price can break above $0.15, it could target the resistance level of $0.17. In the long term, it is likely that OGN/USD remains bearish.
Values as on July 24, 2023.
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