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<p><a href="https://coinmarketcap.com/currencies/origin-protocol/" target="_blank" rel="noopener noreferrer nofollow">Origin Protocol (OGN)</a> 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.</p>
<h2 class="wp-block-heading" id="team-announces-upcoming-launch-of-new-dapp">Team Announces Upcoming Launch of New Dapp</h2>
<p>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:</p>
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   <p lang="en" dir="ltr">Origin's new dapp is coming alongside the OGV-OGN migration portal next week! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4bb.png" alt="💻" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>The dapp brings together all of Origin's products and adds several user-requested features. Take a sneak peak below: <a href="https://t.co/nd4bc7gVoS" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/nd4bc7gVoS</a></p>— Origin Protocol (@OriginProtocol) <a href="https://twitter.com/OriginProtocol/status/1793337390888563111?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 22, 2024</a>
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<p><em>“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.”</em></p>
<p>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.</p>
<h2 class="wp-block-heading" id="orderbook-structure-changes-indicate-increased-buying-pressure">Orderbook Structure Changes Indicate Increased Buying Pressure</h2>
<p>Another factor that may be contributing to OGN’s price surge is a shift in the orderbook structure, as <a href="https://x.com/ImbalanceDtctr/status/1794004552666022150" target="_blank" rel="noopener noreferrer nofollow">reported by </a>the Coinact – Orderbook Structure Changes X account:</p>
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<p>“<em>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″</em></p>
<p>This significant increase in bids relative to asks suggests heightened buying pressure for OGN, which could be driving the price upwards.</p>
<h2 class="wp-block-heading" id="potential-breakout-from-accumulation-phase">Potential Breakout from Accumulation Phase</h2>
<p>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</p>
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<p><em><strong>Read Also: <a href="https://captainaltcoin.com/dogecoin-shiba-inu-or-dogeverse-which-meme-coin-will-explode-next/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin, Shiba Inu, or Dogeverse – Which Meme Coin Will Explode Next?</a></strong></em></p>
<p>If OGN’s price can close decisively above the $0.167 level, it could signal the start of a new uptrend for the cryptocurrency.</p>
<p>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.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-origin-protocol-ogn-price-going-up/" rel="noopener noreferrer nofollow">Why Is Origin Protocol (OGN) Price Going Up?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is Origin Protocol (OGN) Price Going Up?

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