The price of the Origin Protocol has been on an upward trajectory over the past week, and it appears to have gone against the tide even as the crypto market experiences headwinds. The DeFi-centric platform has gained around 45% in the past seven days, while the overall market trend is heading south. Furthermore, the OGN price has risen around 21.5% over the past two weeks, highlighting stable momentum. However, OGN is still below its 30-day high of around 21%.
OGN against the crypto market
The crypto market struggled to sustain its gains in early April. The price of bitcoin, which is widely considered the barometer of the overall market, fell below $40,000 this week, driven by heavy selling. According to crypto analytics firm DappRadar, DeFi lost around 8.4% of its value in the first quarter of 2022. It was a significant loss but much smaller than the token market, which lost around 50% of its value. value.
After initially registering losses in eight of the first twelve days of April, the price of the original protocol has rebounded and gained in six of the last seven days. Notably, the DeFi sector is bullish and many DeFi projects continue to raise millions of dollars in venture capital. Therefore, as the governance token of the original DeFi-centric protocol, OGN should continue to see strong gains.
Origin Protocol Price Prediction
The Origin Protocol price trended upwards last week and created strong momentum. The MACD line is above the signal line, which is a strong argument for gains. Based on the current momentum, the price is likely to rise to $0.7636, with support at $0.6944. If the momentum wanes, the first support will likely be at $0.6180. Beyond this point, support could drop further at $0.5416, invalidating the $0.636 target.