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Origin Protocol Price Slides As Traders Leave OGN Behind. Is There A Better Choice?

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Origin Protocol witnesses a significant 12% decline within 24 hours, hinting at a dwindling interest among traders. Traders might now be seeking better alternatives.

Origin Protocol saw a 14% weekly rise, but it’s now trending downward, currently trading around $0.09.

Origin Protocol Plunges by 40% After a Near 100% Increase the Previous Day

Origin Protocol’s price surge, which saw a 100% increase, was quickly followed by a 40% drop. This led to comparisons with a pump-and-dump scheme as some investors expressed concerns about the rapid and volatile price movements.

Origin protocol price drop daily

OGN experiences a significant drop, resulting in a 12% decline and triggering a red candle.

Origin Protocol Stats

OGN’s market capitalization has declined by 7.65% to $51.1 million, with a 68% drop in daily trading volume, now at $128 million, according to CoinMarketCap statistics.

Reason Behind Sudden Drop 

OGN’s recent two-day decline, reflected in consecutive red candles, hasn’t sparked significant concerns on crypto Twitter. The project’s official Twitter channel remains nonchalant, focusing on the perpetual listing of the OGN/USDT pair on Huobi instead.

On CoinMarketCap, the price reaction is mixed for OGN, with some investors showing bullish sentiment while others raise concerns about it being a pump-and-dump token.

After the supposed golden cross event on May 10, 2023, novice investors anticipated a positive trend, expecting the token’s 200-day MA and 50-day MA to converge. However, contrary to their expectations, the moving averages took opposite directions.

OGN price chart

Origin Protocol Price Analysis is Bearish 

Despite the token being above its 50-day MA, the sentiment remains bearish, with a sharp drop in RSI from two days ago and a MACD of -0.0024, indicating a negative sentiment around the asset.

Origin Protocol Descending TrianbleThe token’s four-hour candlestick chart shows a descending triangle pattern, suggesting the potential for further downtrend.

BTC20 Is a Better Choice Than Origin Protocol

Origin Protocol’s recent performance has raised concerns about its future outlook, with developers displaying an air of unconcern on Twitter and showing a lack of engagement, further dampening investor confidence.

BTC20, an Ethereum-based Bitcoin in presale, emerges as a superior investment option compared to OGN.

BTC20, an ERC-20 token, is built on the Ethereum blockchain, representing the value of Bitcoin within the ERC-20 ecosystem. It mirrors Bitcoin’s token supply of 21 million and adheres to the same tokenomics principles.

BTC20

The project distributes the initial 6.05 million tokens at $1 each, emulating Bitcoin’s approach in 2011.

The remaining 14.95 million tokens will be held in a liquidity contract and released in predefined quantities during block execution, similar to Bitcoin’s distribution to miners.

BTC20’s release over a span of 120 years establishes scarcity and long-term potential for the token, leading experts to predict a 10x increase after the presale.

 

BTC20 has raised upwards of $1.5 million so far and is now halfway done with its first presale round. Those interested in this greener version of Bitcoin can visit btc20.com to participate.

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