Coin Of The Week – Optimism (OP)
01 Août 2022 - 3:37PM
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Optimism has been one of the best-performing altcoins, over the
past weeks. Optimism Rollup network is one of the many blockchain
solutions trying to solve Ethereum scalability solutions. Related
Reading: How High Can Ethereum Go Before The Merge OP has shown a
powerful bullish trend and continues to show why this is a crypto
coin to accumulate for the bull run. Daily Chart Analysis Of
Optimism (OP) Optimism (OP) started its bullish trend from the low
of $0.45; after breaking out from the ranging channel with a
resistance of $0.58, it has maintained an upward trend for the past
weeks, going as high as $1.96, which is more than 300%. Daily low –
$0.45 Daily high – $1.96 Daily supports – $1.34, $0.93, $0.45 OP on
the daily chart looks good with a strong uptrend over the past few
days. The structure of the bullish trends remains intact but
accompanies it with a low volume showing that we could be coming to
the end of the bullish trend. The support on the 1D charts for OP
has already been indicated to allow possible accumulation or Dollar
Cost Averaging (DCA) Dollar Cost averaging is a strategy
employed to buy crypto assets with a sum of money in bits over time
or a strategy used to buy crypto assets at market levels as the
assets make reversals. As of writing, OP is trading at $1.567 and
could go to $1.34, which is the nearest support for accumulation.
This support corresponds with the Fibonacci retracement of 61.8%, a
healthy pullback for all crypto assets that must maintain a strong
bullish uptrend. OP would have difficulty breaking its All
Time High (ATH) of $2.2, but should this region be broken; OP will
continually in an upward trend or a price discovery to form a
resistance and major support. Major support – $1.54, $0.93, $0.60,
$0.45 Major resistance – $2.1 OP On The 4H Chart On the 4H chart,
OP shows a bearish divergence sign – meaning we could be coming to
the end of the bullish trend that has lasted for several
days. OP is currently trying to break below the ascending
wedge on the 1H timeframe; a break and close below would mean going
down to the next support. OP holding above $1.1 means the
bullish structure is still valid, but a break to the low of this
range would invalidate the setup. Major supports on 4H – $1.1, $0.9
Major resistance on 4H – $2.1 OP, in general, looks good both in
the bear market and in the next bull run; this is one of the assets
with a good use case and a very strong community behind it. Related
Reading: TA: Bitcoin Price Struggles Below $25K, Signs of Double
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