OG Crypto Token’s High-Octane Rally Hits a Wall as Price Plummets 50%
The OG Fan Token found itself in the spotlight after accounting for more than half of the $1.08 billion in fan token trading volume in just 24 hours. OG Crypto led this surge, with $563 million in trades, fueled by investor enthusiasm for esports-based cryptocurrencies.
The token’s price skyrocketed 87% in one day and 245% over the week, setting the stage for a broader rally across fan tokens.
Why the OG Crypto Rallied
Esports fandom and market speculation fueled the rally of the OG Crypto token. The token, tied to the OG Esports team, capitalized on the brand’s dominance in Dota 2 and other competitive games, driving investor interest and price momentum.
The team’s strong performance, particularly its victories in ‘The International,‘ attracted investors and fans. These wins cemented OG Esports’ legacy in the gaming world, driving interest in the OG Crypto token.
OG crypto’s recent rally took several traders by surprise.
Moreover, a sharp increase in trading activity, especially on Binance, where the OG-USDT pair saw $282 million in volume, captured traders’ attention.
OG token’s fan engagement model, powered by Socios, allowed supporters to influence team decisions and participate in exclusive events, further boosting demand. The mix of speculative trading and fan loyalty created a perfect storm for the rally.
However, whether the rally can sustain itself remains uncertain. Much of the volume is speculative, and similar tokens have seen short-lived price spikes followed by corrections. Additionally, profit booking could hurt the fan crypto token.
Token’s Moonshot Rally Hits Wall At $12
Meanwhile, the OG crypto token’s price failed to move above $12, forcing the OG USD pair to plummet nearly 50% to reach a daily low near $6.57. However, buying pressure remained strong enough to help the token recover some of the lost ground, with OG crypto price settling near $8.9.
OG USD daily price chart with RSI. Source: Tradingview
If bulls manage to arrest the token’s drop, OG price might consolidate near current levels before rallying to the resistance near $12. Moreover, flipping the immediate resistance might help the OG USD pair target the resistance near $16.3.
Conversely, continued profit booking could send the OG crypto token price hurtling down to the support levels near $7.8 and $6.05 before recovering.
The RSI for the token remained expectedly overbought, with a score of 73 on the daily charts.
The post OG Crypto Token’s High-Octane Rally Hits a Wall as Price Plummets 50% appeared first on CoinChapter.
