Resuming bearishness this week as a result of rejection, OP located support and recovered well above $1. It signalled bullish and is now on the verge of breaking out following over 20% gains in the last 48 hours.
Like most cryptocurrencies, OP also witnessed a major price deduction during the recent meltdown across the space, resetting back to its lowest level in a year. It recovered but struggled to scale through the $1.2 level
After several failed attempts to pass through this level, the price rolled back this week but fortunately found support after testing the $0.93 level on Tuesday. A quick bounce from there brought buying pressure in the market and the price climbed back above the psychological $1 level.
Following a steady increase in the daily volume, it is now on the verge of breaking out while testing a key resistance level of $1.2 at the time of writing. A successful break out of this resistance level should signal a buy capable of changing the trend to the upside.
As OP foots a bullish move, it is noteworthy to say that the trend is still in a downward range from a short-term perspective. An extension of the bearish trend could lead to serious bleeding if the price plunges below the weekly low.
OP’s Key Level To Watch
Source: Tradingview
A strong daily close above $1.2 could fuel an increase towards the $1.38 level. After a test, we can expect a pullback before resuming bullish. The potential resistance for a test above this level is $1.62, followed by $2.
For a pullback, the $1.093 level is the closest support to watch. A break below this week’s $0.93 support could roll the price back to $0.786.
Key Resistance Levels: $1.38, $1.62, $2
Key Support Levels: $1.093, $0.93, $0.786
- Spot Price: $1.2
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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