Origin Protocol (OGN) has seen a significant price surge over the past two days, with the cryptocurrency spiking by 29%. Today’s rally accounted for a 24% increase. While the reasons behind this sudden price spike are not entirely clear, there have been several recent updates and developments surrounding the protocol that could be contributing factors.
Team Announces Upcoming Launch of New Dapp
One potential catalyst for OGN’s price surge could be a recent announcement from the Origin Protocol team. Four days ago, they shared the following update on X:
Origin's new dapp is coming alongside the OGV-OGN migration portal next week! The dapp brings together all of Origin's products and adds several user-requested features. Take a sneak peak below: pic.twitter.com/nd4bc7gVoS
— Origin Protocol (@OriginProtocol) May 22, 2024
“Origin’s new dapp is coming alongside the OGV-OGN migration portal next week! The dapp brings together all of Origin’s products and adds several user-requested features.”
The launch of a new decentralized application (dapp) that consolidates all of Origin Protocol’s offerings and incorporates user-requested features could be generating excitement and increased interest in the project, potentially driving up the price of OGN.
Orderbook Structure Changes Indicate Increased Buying Pressure
Another factor that may be contributing to OGN’s price surge is a shift in the orderbook structure, as reported by the Coinact – Orderbook Structure Changes X account:
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“Aggregated Structure of 9 $OGN orderbooks just changed. There is now 138.66% more bids than asks within a 10% depth. Bids sum: $1,534,452.38 – Asks sum: $642,938.25″
This significant increase in bids relative to asks suggests heightened buying pressure for OGN, which could be driving the price upwards.
Potential Breakout from Accumulation Phase
Technical analysis also indicates that OGN’s price may be attempting to break out of an accumulation phase that began in mid-April. We need to see a decisive close above the price at $0.167
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If OGN’s price can close decisively above the $0.167 level, it could signal the start of a new uptrend for the cryptocurrency.
Overall, the combination of the upcoming dapp launch, favorable orderbook structure changes, and a potential breakout from an accumulation phase could be contributing to the overall bullish sentiment surrounding Origin Protocol and the recent surge in OGN’s price.
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The post Why Is Origin Protocol (OGN) Price Going Up? appeared first on CaptainAltcoin.