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

• Price declined from 0.0485 to 0.0465 in 24 hours, forming bearish momentum and testing key support levels.
• RSI and MACD indicate oversold conditions, but price-volume divergence suggests caution.
• Bollinger Bands show moderate volatility with price near the lower band, hinting at possible rebound.
• High volume observed during the downward leg, especially after 19:30 ET on 2025-10-28, confirming bearish sentiment.
• A doji formed at 0.0467 around 21:15 ET, signaling indecision and possible short-term reversal.

Origin Protocol/Tether (OGNUSDT) opened at 0.0482 on 2025-10-28 at 12:00 ET, hit a high of 0.0487, and fell to a low of 0.0463 before closing at 0.0465 on 2025-10-29 at 12:00 ET. Total volume for the 24-hour window was 6.45 million, and notional turnover was approximately $2.89 million. The asset faced strong selling pressure during the late evening and early morning hours.

Structure & Formations

The 24-hour chart shows a clear bearish bias, with price dropping from ~0.0485 to ~0.0465 and forming several bearish candlestick patterns, including long-legged dojis and hanging man formations. Key support levels were observed around 0.0470 and 0.0465, with the latter showing initial rejection signs. Resistance appears to be forming in the 0.0482–0.0485 range, which was repeatedly tested but not decisively broken during the session.

Moving Averages

On the 15-minute chart, the 20-period MA (0.0474) and 50-period MA (0.0473) are both bearish and have acted as dynamic overhead resistance. On the daily chart, the 50-period MA is at 0.0478, the 100-period MA at 0.0479, and the 200-period MA at 0.0477, forming a cluster of resistance. Price is below all three, reinforcing the bearish bias.

MACD & RSI

The MACD line crossed below the signal line (bearish crossover), with the histogram showing continued shortening, suggesting that the bearish momentum may be exhausting. RSI stands at 32 (oversold territory), which could indicate a potential bounce. However, divergence between the RSI and price action suggests caution—RSI has failed to make lower lows while price continues to fall.

Bollinger Bands

Bollinger Bands show a moderate expansion in volatility following the sharp decline. Price has closed near the lower band for several periods, with a few instances of bouncing off it. A sustained break above the 0.0475–0.0477 mid-band could indicate a short-term recovery, while continued weakness may see further testing of the lower band.

Volume & Turnover

Volume was concentrated in the downward leg of the move, especially after 19:30 ET on 2025-10-28. A large volume spike was observed during the candle that closed at 0.0478 at 19:30 ET, indicating strong selling pressure. Notional turnover also spiked during this time, confirming bearish conviction. The final hour before the 24-hour close showed mixed volume patterns, with no clear directional bias.

Fibonacci Retracements

Fibonacci levels drawn from the high of 0.0487 to the low of 0.0463 show key retracement levels at 0.0477 (38.2%) and 0.0471 (61.8%). Price is currently hovering just above the 61.8% level, and a break below 0.0471 could see further declines toward the 0.0463–0.0465 range. A rally above 0.0477 could see a test of the 0.0482–0.0485 cluster.

Backtest Hypothesis

The backtesting strategy focuses on using RSI divergence and Bollinger Band reversion to identify potential reversal points in a trending market. Given the current RSI divergence and price trading near the lower Bollinger Band, the strategy suggests a short-term mean-reversion setup. A long entry could be considered if price closes above 0.0475 with confirmation from the 20-period MA crossing above the 50-period MA. This setup would need to be paired with a tight stop below the most recent low to manage risk.