I have been shilling Orion Protocol for a few months and for a good reason.
The idea to have a liquidity aggregator which combines all sources of liquidity is very appealing. And the market knows. Today I'm bringing you an interesting technical analysis for their native token, $ORN.
As lately, I'll be sharing my opinions on the 3D and the weekly charts, since I believe are the most decent to capture the big swings of value that the crypto market brings to us while avoiding the short-term noise.
Since marking a bottom around a month ago around 3,5$ , ORN has been climbing non-stop until a couple of days at 11,5$. Where it retraced a -25%.
One of the catalysts for this run has been Coinbase & Coinbase Pro listings, which itself is very big news, as Coinbase is one of the big sources of new users in the market. This news alone brings ORN to a new level of recognition.
The thing is the current range of around 9$ marks one of the sweetest spots to buy since pretty a long time. For at least 3 reasons.
The last bounce confirms a successful retest of the old resistance (now support!) around 8$. That line is now our slave.
Nobody likes presale investors (well, unless you're one of them, cough...cough... buy SEED cough).
The thing is presale investors of ORN bought this sweetie at 0,1$ the piece, and they're going to have 3M tokens unlocked on the 16th.
The supply is being diluted by 10% (30M tokens currently circulating + 3M more in three days). It's not a lot, but not negligible either. Price does not necessarily have to dump. Note that presale investors aren't necessarily dumb and won't sell their tokens at the exact release date. They probably wait a few days for the dust to settle.
Moreover, what happens when a lot of people assume something for granted in the market? Yes, happens exactly the opposite, we have seen this countless times.
People usually wait on the sidelines to buy the downward price action (I did it btw with my bud @resiliencia back in November 2020, catching ORN sub 2$). Good times! Breaking our heads for a 0,25-0,5$ cents difference.
But what if there's no heavy selling? People FOMO in. And does it very hard.
Do you know what reminds me of the current price action? I called it the 'Fuck u sellers' bounce. Look:
Let's go with the last (but not least important!) reason.
People say that indicators aren't useful because they're 'lagging', what If you're able to anticipate the lag?. This is one of these times.
I did something similar on my last AVA TA. And people still fail to understand how exponentiality works. I'm predicting 50$/ORN (and I'm probably being conservative).
This can happen (I believe it), and it won't be something really 'strange'. The real circulating supply of ORN is very low and even 100$ or more isn't out of the equation.
Damn.. I'll have to buy more. I FOMOED myself because writing all these words feels even more... convincing. Don't sleep on ORN!
Don't be like this monkey. Buy before everyone else.
Posted Using LeoFinance Beta