Origin Protocol price prediction: OGN ripe for a 30% dip

The price of Basic Protocol (OGN/USD) has been in a consolidation period over the past few days as demand for the coin has subsided. The coin is trading at $0.27, which is about 84% higher than the May low. Its market cap has grown to $234 million.

What is Origin Protocol?

Origin Protocol is a fast growing blockchain project that seeks to disrupt the largest verticals in the blockchain industry. It has created projects for decentralized finance (DFI) and non-fungible tokens (NFTs).

For the DeFi industry, developers have launched Origin Dollar, a stablecoin that is valued at over $68 million. It is a stablecoin whose distinguishing feature is the yield it provides to its holders. At the time of writing, the base dollar has an APY of 12%.

It is pegged to the US Dollar and secured by other stablecoins such as USDT, USDC and Dai. According to the developers, Basic Dollar holders can insure their coins using Nexus Mutual or InsureS.

Origin Protocol also runs Origin Story, a platform that enables people to create and customize NFTs. Anyone can deploy their smart contracts in their NFT Marketplace.

Finally, it has the Origin token, a digital currency that gives people a stake in the Origin ecosystem. According to CoinGecko, OGN has a market cap of over $234 million.

OGN price has moved sideways over the past few days as investors reactrelease Origin Dollar Governance (OGV) token. The OGV will become the governance and value-gain token for the native dollar stablecoin.

Launching this airdrop will be a lengthy process. Last week, they launched a liquidity mining operation. Later this month, they will publish the final list of exchanges that will support OGV. The OGV airdrop will take place on July 12 while the last date to claim it will be on October 10.

Basic Protocol Price Prediction

The four-hour chart shows that OGN price has been in a narrow range over the past few days. The coin is trading at $0.28, where it has been over the past few days. The price is in agreement with the key support level shown in green.

At the same time, the coin is trading with 25-period and 50-period moving averages, while the relative strength index (RSI) has moved to a neutral point.

Therefore, the price outlook for Origin Protocol is bearish, with the next major support at $0.1878, which was the lowest point on May 27. This too is about 30 per cent less than the current price.

Post Origin Protocol Price Prediction: OGN for 30% Dip first appeared on CoinJournal.