The dollar price of Origin joined other cryptos in a very strong sell-off. It is because investors waited for the next inflation data of America. The coin of the network, OGN is now trading at $0.2170. It has been the lowest since 18th June. It got crashed by over 40 percent from its highest point in July. It brought its overall market cap to nearly $111 million. Anyone can invest in cryptos thanks to Auto-bot, the best and most reliable trading platform.
What is OGN? Why is its price falling?
Among all cryptos rallying in 2022, Origin is one of the most surprising ones. It is not connected directly to Bitcoin. It is also not the most hyped crypto now. But for people who are well aware, it has been around since 2017. Origin Protocol created headlines after it hit nearly $3.39 on 8th April 2021. Its price got decreased by more than 48.7 percent in the last 1 year.
It is a blockchain project. It is one such network enabling market participants in distributing goods or services through P2P networks. This platform focuses on creating a huge online platform. It leverages the blockchain of Ether and IPFS or Interplanetary File System for getting rid of any need for middlemen.
This protocol will enable the creation of one decentralized setting. They’re not only buyers but sellers can also combine and check for available listings. They can write reviews as well as perform different other actions. Thus fractional asset utilization can get traded very easily.
Origin Protocol is at the intersection of three popular industries in the decentralized industry such as NFTs and DeFi. The latter is one industry attempting to bring a change in how people take care of finances. Rather than making use of centralized companies such as banks, DeFi enables people to make use of organizations that smart contracts back. Any individual can take part in DAO or Decentralized Autonomous Organization if they buy the OGN token.
The DeFi platform of Origin Protocol is made possible by the Origin Dollar. It is one algorithmic stablecoin. Unlike any popular stablecoin such as USDC and USDT, Origin Dollar does not have fiat currencies back up.
Similar to Terra UST, OUSD is one algorithmic stablecoin aiming to achieve its peg via arbitrage. As per the latest reports, Origin Dollar is having an overall market cap of more than $66 million. It makes it the 319th biggest crypto worldwide. Same as Anchor Protocol, the DeFi product of Origin will enable OUSD holders to gain interest by only holding this coin. The coin is having 12.50 percent APY. It is a higher yield than what any fiat currency such as the US dollar earns.
Origin Protocol too owns Origin Story. It is a platform in the NFT industry. This platform will enable people in minting NFTs and selling them on this platform. They can too customize the storefronts. Their audience can be easily engaged.
The price of OGN fell recently mainly as people are worried regarding the NFT and DeFi ecosystems. Concerns about OUSD’s future are also there. Others are too concerned about the fall of NFT sales.
Price prediction of Origin Protocol
The 4-hour chart clearly indicates that the price of OGN was in a strong bearish trend in the last few weeks. It managed to move down the support at nearly $0.2365. It has been the lowest level on 1st July. It too dropped under the 25-day and 50-day moving averages. The RSI or Relative Strength Index moved under the oversold level. The price of Origin Protocol will continue to fall because sellers will target its key support which is at $0.1900.
Conclusion
It is having a great future ahead of it this year. Many recent developments are happening within the ecosystem of OGN. Also, ongoing developments are taking place in the total crypto market. OGN may be reaching new heights. The price prediction of bullish OGN in the 2022 range is $0.431-$1.413. As already predicted it may be reaching $2 if investors decide that OGN is a great investment this year other than the mainstream cryptos such as Bitcoin and Ether.
