OG Crypto Token’s Price Plummets 50% After High-Octane Rally
OG Fan Token has made headlines by accounting for over half of the $1.08 billion fan token trading volume in just 24 hours. The surge was led by OG Crypto, with $563 million in trades, driven by investor excitement for esports-based cryptocurrencies.
The token’s price surged 87% in a day and 245% over the week, setting the stage for a broader rally across fan tokens.
Reasons Behind OG Crypto’s Rally
The rally of OG Crypto token was fueled by esports fandom and market speculation. Tied to the OG Esports team, the token capitalized on the team’s success in Dota 2 and other competitive games, attracting investor interest and driving up the price.
The team’s strong performance, particularly its victories in ‘The International,’ attracted investors and fans, solidifying OG Esports’ reputation in the gaming world and boosting interest in the OG Crypto token.
Additionally, a sharp increase in trading activity, particularly on Binance, with the OG-USDT pair seeing $282 million in volume, caught traders’ attention.
Furthermore, OG token’s fan engagement model, powered by Socios, allowed supporters to influence team decisions and participate in exclusive events, further increasing demand. The combination of speculative trading and fan loyalty created the perfect conditions for the rally.
However, the sustainability of the rally remains uncertain. A large portion of the volume is speculative, and similar tokens have experienced short-lived price spikes followed by corrections. Profit booking could also negatively impact the fan crypto token.
Token’s Rally Hits Obstacles at $12
The price of the OG crypto token failed to surpass $12, leading to a nearly 50% drop in the OG USD pair to reach a daily low near $6.57. Despite this, strong buying pressure helped the token recover some of the lost ground, with the OG crypto price settling near $8.9.
If bulls manage to stop the token’s decline, the OG price might consolidate near current levels before rallying to the resistance near $12. Additionally, overcoming the immediate resistance could help the OG USD pair target the resistance near $16.3.
On the other hand, continued profit booking could send the OG crypto token price plummeting to the support levels near $7.8 and $6.05 before recovering.
The RSI for the token remained overbought, with a score of 73 on the daily charts.