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

Updated: 25 July 2023

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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.

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

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.

New Perpetual Listing 🚨#Huobi adds $OGN/USDT perpetual futures with up to 20x. Trading starts in 2 Hours.

Details:https://t.co/S8cFeOqxkq pic.twitter.com/Q0WLTMl6Eb

— HTX Futures (@HTXFutures) July 24, 2023

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.

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.

The 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.

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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