Orion Protocol Technical Analysis: ORN/USD ready for a breakout above $7
|- ORN/USD has been one of the best performing DeFi coins in the past month.
- ORN started trading as low as $0.1, the initial sale price, and managed to reach $7.75, a 7,750% increase in less than one month.
Orion Protocol has been one of the most searched coins on Coingecko for the past few weeks after experiencing an initial 1,000% price increase within a few hours of its listing. ORN is now trading around $6 after a healthy period of consolidation while bulls are eying up $8.
ORN/USD 4-hour chart
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ORN bulls have clearly managed to establish a 4-hour bull flag with increasing trading volume on the way up to $7.75 and decreasing bear volume while trading sideways (the pole of the flag).
The most important support level is the 12-EMA, currently at $6.2, a support point that has been defended several times in the past. Bulls can also use the 26-EMA at $5.79 for support and $5.38, the low established on August 11. A breakout above $7 would be a big enough catalyst to push ORN towards $8 as there is practically no selling pressure.
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