Market Overview: Origin Protocol/Tether (OGNUSDT) 24-Hour Technical Summary

• Price action shows a bearish bias with a 0.0651 close after testing resistance at 0.0664
• Volatility expanded during the NY-Asia overlap, with high turnover observed around 0.0662
• RSI and MACD indicate weakening momentum despite a late-day rebound
• Key support levels appear to form around 0.065 and 0.0647
• Divergence between volume and price suggests cautious bearish positioning

At 12:00 ET on 2025-09-21, Origin Protocol/Tether (OGNUSDT) opened at 0.0649, hit a high of 0.0664, and closed at 0.0648. Total 24-hour volume was 8,215,142 and turnover reached $501,981. Price action displayed a bearish bias, with a late-day rebound failing to confirm bullish momentum, suggesting ongoing pressure below the 0.0660 level.

Structure & Formations

The 24-hour chart shows a broad consolidation phase with bearish dominance. A key bearish engulfing pattern emerged near 0.0651 on the 15-minute chart, confirming a short-term reversal. Resistance levels are apparent at 0.0655 and 0.0660, with the 0.0664 high acting as a recent ceiling. Key support appears at 0.0650 and 0.0647, with a potential breakdown into 0.0644-0.0643 likely if the 0.0647 level fails.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both below the current price, suggesting a bearish bias. On the daily chart, the 50-period MA is above the 100- and 200-period MAs, indicating a possible divergence in trend. If the price remains below the 0.0650 level, a deeper bearish trend may gain traction.

MACD & RSI

The MACD line crossed below the signal line in the latter half of the day, confirming a bearish turn in momentum. RSI remains below 50, indicating that buying pressure is currently weak. While RSI hasn’t touched oversold territory, a reading in the 40–45 range suggests that the market is still in a bearish phase, with no immediate signs of a reversal. Traders may look for RSI to cross above 50 before considering short-term long positions.

Bollinger Bands

Bollinger Bands show an expansion in volatility during the NY-Asia overlap, with the upper band reaching 0.0664 and the lower band near 0.0646. The price is currently hovering near the lower band, indicating a potential oversold condition. A breakout above the upper band would signal a shift in sentiment, but given the current bearish structure, a retest of the lower band seems more likely.

Volume & Turnover

Volume spiked during the 06:00–07:30 ET session, coinciding with a rally to 0.0664. However, price failed to hold above 0.0660, indicating weak conviction. Turnover also spiked during this period, suggesting participation was genuine but not sustained. A divergence between volume and price movement suggests bearish exhaustion may be near if the 0.0647 level holds.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 0.0647–0.0664 swing, key levels at 0.0657 (23.6%), 0.0654 (38.2%), and 0.0651 (50%) have acted as psychological barriers. The 0.0648 close suggests price may test the 61.8% level at 0.0645–0.0644 in the near term.

Backtest Hypothesis

A backtest strategy could focus on short entries triggered by a bearish engulfing pattern and a MACD bearish crossover, with a stop-loss set above the 0.0653 resistance level. A target could be the 0.0645–0.0644 zone. This approach would align with the observed structure and momentum shift seen in the 15-minute chart. Traders could refine the strategy by filtering for RSI < 50 and volume confirmation to reduce false signals.