Origin Protocol still hasn't proven anything beyond the initial spike.
Up 16.02% today at 0.03629, but that's deceiving, the real story is the 24h high of 0.04380 already getting rejected hard. This thing spiked to 0.05345 a few candles back, then immediately got sold into, dropping as low as 0.03127 before bouncing weakly to where it sits now.
RSI(6) at 64.94, down significantly from the 91+ overbought extreme it hit during the actual spike. That's not strength returning, that's momentum draining out of a move that already peaked.
Look at the structure. Classic spike, dump, and now a low volume chop trying to find a floor. Today alone is actually down 7.57% from where the day started, even though price is still up on the weekly comparison. Zoom out and 1 year is still negative 26.79%, this entire pump is happening inside a longer downtrend that hasn't been broken.
So the bearish bias holds here. A vertical candle followed by a hard rejection and heavy wicks on both sides isn't confirmation, it's distribution. Until this reclaims 0.044 with real volume, this still looks like a fading spike, not a new trend.
$OGN
Up 16.02% today at 0.03629, but that's deceiving, the real story is the 24h high of 0.04380 already getting rejected hard. This thing spiked to 0.05345 a few candles back, then immediately got sold into, dropping as low as 0.03127 before bouncing weakly to where it sits now.
RSI(6) at 64.94, down significantly from the 91+ overbought extreme it hit during the actual spike. That's not strength returning, that's momentum draining out of a move that already peaked.
Look at the structure. Classic spike, dump, and now a low volume chop trying to find a floor. Today alone is actually down 7.57% from where the day started, even though price is still up on the weekly comparison. Zoom out and 1 year is still negative 26.79%, this entire pump is happening inside a longer downtrend that hasn't been broken.
So the bearish bias holds here. A vertical candle followed by a hard rejection and heavy wicks on both sides isn't confirmation, it's distribution. Until this reclaims 0.044 with real volume, this still looks like a fading spike, not a new trend.
$OGN