After the release of their trading terminal, ORN has been in a huge selloff (typical sell the news scenario). However, the retracement has been going on for longer than expected and there is still huge sell volume, causing ORN to be kind of oversold right now. According to Binance's order book depth, there's a huge wall of buy orders at around $17.4, so we can expect the reversal to occur around there. Meanwhile, selling pressure is decreasing, and faces a significant wall at around $19.5 - $20.0.
Following the Fibonacci retracement, we can expect the price of ORN to continue its retracement to around the $16.5 - $18 zone, which we can target to buy in. Should you choose to do so, make sure to watch the Average True Range to set your stop losses below any wicks of the next Fibonacci line.
As it stands, ORN stands to gain around 50% with a risk:reward ratio of around 1:6 due to huge overselling as confirmed by the Relative Strength Indicator approaching the lows for both 4h and 1D time charts.
While ORN currently faces terminal issues with their servers, in the long term we see good things on their roadmap like more trading pairs and liquidity, as well as the release of staking which will allow passive income on the ORN platform, giving a bullish outlook for April.
Buy: $16 - $18
Stop loss: $15.5 (Watch ATR)
Take profit: $24.7 - $29.7
Note: This is not financial advice, and is simply an opinion. Always remember to do your own research.
Following the Fibonacci retracement, we can expect the price of ORN to continue its retracement to around the $16.5 - $18 zone, which we can target to buy in. Should you choose to do so, make sure to watch the Average True Range to set your stop losses below any wicks of the next Fibonacci line.
As it stands, ORN stands to gain around 50% with a risk:reward ratio of around 1:6 due to huge overselling as confirmed by the Relative Strength Indicator approaching the lows for both 4h and 1D time charts.
While ORN currently faces terminal issues with their servers, in the long term we see good things on their roadmap like more trading pairs and liquidity, as well as the release of staking which will allow passive income on the ORN platform, giving a bullish outlook for April.
Buy: $16 - $18
Stop loss: $15.5 (Watch ATR)
Take profit: $24.7 - $29.7
Note: This is not financial advice, and is simply an opinion. Always remember to do your own research.
Comment:
ORN has now reached the buy zone, hopefully the $16+ support holds and ORN bounces off the strong support.
Comment:
We have a bounce around $17.4 as a large number of buy orders were fulfilled. Remains to be seen if this signals the reversal. Order depth is looking good now, buy pressure is more than selling pressure up till around $24-$25 per ORN. Hopefully, we can expect the price to stabilize there.
Comment:
$16 support level holding up well, preventing a massive dip down to lower levels. Waiting for reversal of buying pressure, and expect a retracement up to $21 levels.
Comment:
And up we go! Let's see if we hold support at $19 which can signal more upside.
Comment:
Looks like ORN will be in the price discovery range for a while, which is not necessarily a bad thing. Draw a descending wedge on the graph and we can see that we expect breakout to happen within the next week. If we breakout from the upside of the descending wedge, there is potential upside to around $38.