Deep dive into $OGN and $LINK

​​$BTC 24 Hour High $47,733 / Low $46,556   |   $BTC +0.1% Past 24 hours; +10.4% Past 7 days

Good morning. Both $BTC and $ETH continued to trade within a tight range overnight as geopolitical risk keeps some buyers on the sidelines. Altcoins continued to outperform $BTC over the last 24 hours, suggesting that traders are still comfortable with additional risks. Today, we are going to have a deep dive into $OGN and $LINK, which have seen notable price movements recently.

$OGN has been a rising star, rallied by almost 240% since March 13. It has a relatively small market capitalization of $320 million. The 50W MA has acted as resistance, with $OGN trending low since April last year. Once we overcome this crucial resistance, it’s not impossible to see its price triple from here – putting OGN in the top 100 coins and just below CHZ in terms of market capitalization. Yet, if the rally loses steam, we could see price capitulation all the way down to $0.15, the coin’s most frequently-traded level. The OGN/BTC pair has broken out and retested support. It is currently facing resistance in the second most actively-traded area since the coin’s inception at around 1,900 sats. If it manages to punch through this hurdle, its immediate future will be very bullish.

After enjoying a three-year parabolic run, $LINK has started to have a terrible time since April last year. Its key support at $13.35 (2021 low) was tested several times and ultimately held, with prices now rallying towards $19.89, the local top on February 8. Currently, $LINK is trading at $17.30, a crucial resistance level that acted as support and resistance levels for multiple times previously. If $LINK continues to creep higher, the next crucial hurdle will be $20.65, followed by $22.65 (roughly at the 50W MA). The LINK/BTC pair is in a classic bear market structure and will likely continue for another few months. If we look at the critical support level, there is a possibility for $LINK to outperform $BTC in the short term. But for fireworks to really start, we need to break out of the bear market structure first.

Russian diplomats revealed that the peace talks with Ukraine hadn’t reached a turning point yet. As the fighting between the two nations intensified, we saw an uptick in oil and gold prices. Nonetheless, bullish market sentiment returns as the Crypto Fear & Greed Index has entered the ‘greed’ territory –  the highest level recorded this year. However, it’s still below the peak levels of ‘extreme greed’ seen last November.

Learn more from today’s Trader View video

Digital Assets Market

  • Total crypto market capitalization stands at $2.26T, +0.7% from yesterday
  • $BTC is +0.37% at time of writing; 24H liquidations and funding rates: 37.28M, +0.00572% average
  • $ETH is +0.57% at time of writing; 24H liquidations and funding rates: 17.14M, +0.00841% average 
  • Stablecoins market dominance: USDT 46.27%; USDC 29.19%; BUSD 9.86%; UST 9.23%; DAI 5.45%

Alts and DeFi watch:

  • DeFi TVL: $228.54B (+0.20% over last 24h)
  • $SOL +10.7% in the last 24 hours, +28.0% in the past week
  • $SHIB +2.3% in the last 24 hours, +12.9% in the past week
  • $SAND +3.0% in the last 24 hours, +7.9% in the past week
  • $ENJ +5.3% in the last 24 hours, +17.9% in the past week

More news that caught our eye:

OSL Trader View is contributed by Hans-Stefan Vonhaenisch, Andrea Au & Ethan Fu.

OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.

Home to one of the world’s largest and most experienced digital asset trading desks, OSL has its finger on the pulse of the market. The Trader View newsletter is a short, easily digested summary of market activity and eye-catching news of the day.

Feedback is important to us, and we’re keen to learn more about the types of insights and intelligence that matter to you most. Please share your thoughts with us.

And be sure not to miss future OSL news and insights by following us on Twitter, Linkedin, Facebook, and Telegram.

Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.