Origin Protocol Drops 9.73% Amid Bullish MACD Divergence

Origin Protocol has been consolidating near the $0.05 mark after experiencing a prolonged downtrend from its peak above $3.20 in 2021. The token has shown resilience, maintaining support in this region despite the overall bearish market conditions. This consolidation phase has been characterized by a lack of significant breakouts or increased volatility, indicating a stable support zone.

Technical analysis reveals that the Moving Average Convergence Divergence (MACD) indicator is displaying bullish divergence. This is evident as the MACD forms higher lows while the price of Origin Protocol continues to decline. This divergence suggests a potential shift in momentum, with the oscillator showing an upward trendline since mid-2022. The emergence of light green histogram bars and a rising signal line further supports this bullish signal, aligning with the support structure observed in the price chart.

Recent market data shows that Origin Protocol is currently trading at $0.05413, reflecting a 9.73% drop over the last 24 hours. The price initially rose above $0.062 before reversing downward, eventually dropping below $0.055 by midnight. Despite a brief recovery in the early morning hours, the price remained under $0.057. Trading volume surged by 160.27%, reaching $50.98 million, although the market cap decreased to $38.1 million. The elevated volume-to-market-cap ratio of 143.11% indicates significant trading pressure.

According to the analysis, the prior resistance level near $0.25 remains a key reference point. This level marked the last major recovery before the current decline and could become a technical focus if the price continues its upward trajectory. The asset's ability to hold support, combined with the bullish divergence in the MACD and the structural alignment on the weekly chart, suggests a potential for a reversal in the near future. However, the market's current pressure and the recent decline highlight the need for caution as the support level is tested.