Origo Network’s OGO erupts over 300% in just 24 hours; major dump ahead?

Origo Network’s OGO erupts over 300% in just 24 hours; major dump ahead?
Origo Network’s OGO erupts over 300% in just 24 hours; major dump ahead?
  • OGO takes off in an unexpected rally
  • The technicals don’t support a lengthy continuation
  • What is Origo project and what problems does it solve?

Yerevan (CoinChapter.com) – Origo network’s native token OGO has surged over 370 percent in an unexpected rally and briefly hit 0.0250 USDT (Tether USD stablecoin) before settling at 0.0198 USDT an hour ahead of the London session opening bell Wednesday. The rally occurred in 24 hours for no apparent reason.

OGO Wednesday surprise

Before the sharp breakout, the OGO/USD exchange rate was trading in a falling wedge for over four months. In hindsight, the falling wedge consists of two converging trendlines that enclose the price action while lowering the price swing amplitude and driving the price down.

The falling wedge is a bullish reversal pattern that promised a fruitful phase for Origo after exhausting the formation. OGO broke out surely enough on July 27, but the uptrend didn’t inspire much confidence, as the token mostly consolidated for the next few days.

OGO rallies 371% in 24 hours. Source: OGOUSDT on TradingView.com
OGO rallies 371% in 24 hours. Source: OGOUSDT on TradingView.com

Also read: Bitcoin OTC transactions mousetrap 99% of trade volumes—who is buying?

After the consolidation, however, the Origo token took off in an explosive rally. As a result, sharp upside movements are likely to stabilize in the following sessions so that OGO bulls could expect a downside correction.

Moreover, the Relative strength index (RSI; momentum indicator at the bottom of the chart) went through the roof and stood at 94. RSI this high typically makes traders worry about overbuying the cryptocurrency, and they are likely to pull their assets and avoid losses.

Also read: KuCoin’s KCS posts 17% gains in rebound rally; what’s next for the exchange token?

What is Origo?

Origo is a blockchain project created in 2019 with a mission to solve confidentiality in the smart contract domain.

The project views traditional smart contracts as lacking privacy and respect for fundamental human rights for a consecrated life. So instead, Origo uses a hybrid consensus algorithm, allowing users to initiate private and public transactions on the blockchain.

“Real-world governments and centralized private corporations are increasing omnipresent surveillance on their citizens and users. Soon or later there will be a moment, when [they] start demanding their fundamental human rights for privacy,”

reads the Origo whitepaper.

While the premise sounds promising, the implementation of the project poses a few troublesome ideas. For one, complete anonymity on the network is alarming for regulating authorities, as it opens floodgates for criminal activity. However, despite the concerns, the Origo project and its OGO token have safe implementations.

OGO can be used for financial exchanges, as well as insurance. The project vows to keep all the required personal information private and carefully stored. Another field of implementation is personal data and internet use security.

While the reason for the nonsense 371 percent rally is unclear, OGO ensured substantial gains for the Origo bulls. Unfortunately, the uptrend has already subsided, and the asset will possibly continue to decline further in the upcoming hours.

Also read: Theta successfully implements version 3.1.0, but prices failed to rally.

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