Origin protocol price is down by three per cent in today’s trading session. The drop comes amidst a recent resurgence of the cryptocurrency that has seen its price rise by 80 per cent in one week.
The Origin Protocol has been stuck in the bearish move throughout much of the past few months. This prompted its creator to suggest coming up with another governance token. The suggestion had an immediate impact on the markets and saw the cryptocurrency rally in the month of March, closing with a price gain of 97 per cent.
However, since the month of March’s price gain, which set a yearly price high of $0.83, prices have aggressively pushed down. The prices have dropped by 70 per cent from the yearly price high and currently trading at $0.25. The cryptocurrency has also recently set a new price low that has not been hit for over one year.
Origin Protocol Price Prediction
Since May 13, Origin Protocol prices have been in an upward trend, gaining 70 per cent of its value to currently trade at $0.25. The price gains came after months of an aggressive bearish move.
In today’s trading session, however, the prices of the Origin Protocol are down by 3 per cent. The drop, which comes after a strong bullish move yesterday that resulted in a 19 per cent increase, is a continuation of the months-long bearish move. Looking at the chart below, it is likely that the current price gains are a result of a bearish flag. Therefore, the recent gains are not trend reversals but rather market corrections. I expect the current bearish trend to continue for the next few trading sessions, with a likelihood of trading below the $0.20 price level.
However, if the prices close above the recent support level of $0.263, then my analysis will be invalidated. It will also give bulls an upper hand. The closing price will also mean that the current bullish trend is not yet done, and a further move to the upside is possible.