The Origin Protocol (OGN/USD) price has been in a consolidation period in the past few days as demand for the coin wanes. The token is trading at $0.27, which is about 84% above the lowest point in May. Its market cap has risen to $234 million.
What is Origin Protocol?
Origin Protocol is a fast-growing blockchain project that seeks to disrupt the biggest verticals in the blockchain industry. It has built projects for decentralized finance (DeFi) and non-fungible tokens (NFT).
For the DeFi industry, the developers have launched Origin Dollar, which is a stablecoin valued at over $68 million. It is a stablecoin whose differentiating feature is the yield it provides to its holders. At the time of writing, Origin Dollar has an APY of 12%.
It is pegged to the US dollar and secured by other stablecoins like USDT, USDC, and Dai. According to the developers, Origin Dollar holders can insure their coins using Nexus Mutual or InsurAce.
Origin Protocol also runs Origin Story, which is a platform that enables people to create and customize the NFTs. One can also deploy their smart contracts in their NFT marketplaces.
Finally, it has the Origin Token, which is a digital currency that lets people stake in the Origin ecosystem. According to CoinGecko, OGN has a market cap of over $234 million.
The OGN price has moved sideways in the past few days as investors react to the ongoing release of the Origin Dollar Governance (OGV) token. OGV will become the governance and value accrual token for Origin Dollar stablecoin.
Launching this airdrop will be a long process. Last week, they held a prelaunch of liquidity mining campaigns. Later this month, they will publish the final list of exchanges that will support OGV. The OGV airdrop will happen on July 12th while October 10 will be the deadline to claim it.
Origin Protocol price prediction
The four-hour chart shows that the OGN price has been in a tight range in the past few days. The coin is trading at $0.28, where it has been in the past few days. This price is along the key support level shown in green.
At the same time, the coin is trading along the 25-period and 50-period moving averages while the Relative Strength Index (RSI) has moved to the neutral point.
Therefore, the outlook of the Origin Protocol price is bearish, with the next key support being at $0.1878, which was the lowest point on May 27th. It is also about 30% below the current price.