$OGN ๐ OGN took off to 100%+: Fundamental worked out, but what's next?
Origin Protocol (OGN) showed a powerful rally, adding more than 100% to the cost. The driver of growth was a strong fundamental step from the developers - the protocol spent $1.26 million to buy back 56.2 million OGN tokens (with a blocking period until 2026). All redeemed funds were sent to xOGN stakers, which immediately accelerated the staking yield to 11.2% per annum.
โ ๏ธ Why should you be careful now?
Despite the excellent news, the local bullish impulse is starting to fade away rapidly. Technical and volumetrics right now signal an imminent recoup:
Extreme overheating: On the hourly chart (1H), the relative strength index (RSI) broke through the anomalous mark of 98, after which it made a sharp downward turn.
Brief summary: The initial surge against the background of redemption news is expiring. Buying an asset "on highs" with cooling volumes and deploying RSI is an extremely risky strategy. The market is clearly preparing for a correction to cool the indicators.
Origin Protocol (OGN) showed a powerful rally, adding more than 100% to the cost. The driver of growth was a strong fundamental step from the developers - the protocol spent $1.26 million to buy back 56.2 million OGN tokens (with a blocking period until 2026). All redeemed funds were sent to xOGN stakers, which immediately accelerated the staking yield to 11.2% per annum.
โ ๏ธ Why should you be careful now?
Despite the excellent news, the local bullish impulse is starting to fade away rapidly. Technical and volumetrics right now signal an imminent recoup:
Extreme overheating: On the hourly chart (1H), the relative strength index (RSI) broke through the anomalous mark of 98, after which it made a sharp downward turn.
Brief summary: The initial surge against the background of redemption news is expiring. Buying an asset "on highs" with cooling volumes and deploying RSI is an extremely risky strategy. The market is clearly preparing for a correction to cool the indicators.