The Origin Protocol price has been in a steady range recently as investors watch the market action in the Decentralized Finance (DeFi) and non-fungible token (NFT) industries. The OGN token is trading at $0.22, where it has been for almost two weeks. The price is about 50% above the lowest level this month.
Origin Protocol is a blockchain project that is seeking to be the favorite place for developers to build NFT and DeFi products. It is made up of three important parts. First, there is the OGN token, which is primarily used for the platform’s governance. The coin provides people with an opportunity to own a growing ecosystem.
Second, there is the Origin Story, which is a platform for people to mint and trade their NFTs. Finally, there is the Origin Dollar, which is a stablecoin that powers the ecosystem. It has a market cap of about $63 million.
The most important catalyst for the recent price action of Origin Protocol is the trends in DeFi and NFTs. A closer look at the two industries show that they have recorded some slowdown recently. The volume of NFTs has declined while the total value locked (TVL) in DeFi has halved as investors look for safe places to pack their money.
Origin Protocol price prediction
The OGN price has been moving in a horizontal direction in the past few days. It is trading at $0.2190, where it has been in the past few days. The coin is hovering slightly below the 25-day MA. It has also moved slightly below the ascending trendline shown in red, while the true strength indicator has moved below the neutral line.
Since the coin did not move after the latest FOMC minutes, there is a likelihood that this consolidation will continue. If this happens, the next key support level to watch will be at $0.2300. The stop for this trade is at $0.2634.