A day ago I wrote about $OGN at 0.03825. It is 0.03549 now, down 7.2% since that post, while BTC is up 0.36%.
I gave two levels. Above 0.045 meant buyers were still in control, and under 0.032 with falling volume meant the spike was unwinding. Price is between them, so neither call has been decided yet. But it is a lot closer to the bad one: 0.03549 is about 11% above 0.032 and almost 27% below 0.045.
The volume half of my bearish case is already here. 24h volume went from 66.5 million dollars yesterday to 21.4 million now, 1.4 times the weekly average instead of 17.5 times. The crowd that drove the spike has mostly left. Hourly RSI is 40.2, weaker than the 47.1 I saw yesterday.
So my view has moved toward the downside. I still keep 0.032 as the line. If price closes under it with volume staying this quiet, I will call the spike unwound, as I said yesterday. A fresh jump in volume while price holds above 0.035 is the only thing that would make me look up again.
#OriginProtocol #OGN
I gave two levels. Above 0.045 meant buyers were still in control, and under 0.032 with falling volume meant the spike was unwinding. Price is between them, so neither call has been decided yet. But it is a lot closer to the bad one: 0.03549 is about 11% above 0.032 and almost 27% below 0.045.
The volume half of my bearish case is already here. 24h volume went from 66.5 million dollars yesterday to 21.4 million now, 1.4 times the weekly average instead of 17.5 times. The crowd that drove the spike has mostly left. Hourly RSI is 40.2, weaker than the 47.1 I saw yesterday.
So my view has moved toward the downside. I still keep 0.032 as the line. If price closes under it with volume staying this quiet, I will call the spike unwound, as I said yesterday. A fresh jump in volume while price holds above 0.035 is the only thing that would make me look up again.
#OriginProtocol #OGN