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- 1 OP price after taking a bearish correction of 25% might be preparing for a pullback.
- 2 OP price take a pullback from its recent support levels.
OP price has been trending on a strong bull trend since early January although it recently took a correction of 25% the price is still trading on an overall bull trend while taking support from the 50 EMA and making consistently higher highs and higher lows. The investor’s sentiments regarding the OP coin are bullish although looking at the overall market the chances of OP price making a bearish correction is to be expected.
The making of a green bullish candle is suggesting that OP price might be preparing for a pullback before a bullish rally.
The OP price might take a pullback
After bearish sentiments in the market, then it can be estimated that buyers have bullish sentiments regarding the OP price while the volumes have also increased considerably since early December and the price is also experiencing a sudden increase in the buying volume although as of now the sellers are trying to overwhelm the market.
The overall market sentiments have taken a bearish turn since the last week when the greed and fear index is showing a decline of 3 – 4 points. The market sentiments are currently trading in the fear zone of around 47 points according to the greed and fear index provided by the site Alternative (dot) me site which measures market sentiments through different sources.
Technical Analysis ( On 1 Day Timeframe )
The OP price is currently trading on a bull trend above the 200 EMA while the 20 EMA is trading above the other major key Moving averages confirming the strength of the trend. The price is also respecting its 20 and 50 averages by constantly taking support from it.
The RSI line is making a divergence from the price while the price is making consistently higher highs and higher lows moving on an up trend the RSI line is trending on a downtrend moving near the demand zone around 46.01 points while taking resistance from the 14 SMA which is trading around price 53.32 points.
Conclusion
OP price is currently trending near the demand zone while if it gives a strong bullish candle from this level it can be estimated that the price might make a new high. Op is taking support from price of $2.643 while its next support is 14% below the current price of around $1.991 while its recent resistance is 33% above the current price of around $3.300
Technical levels –
Support – $2.643
Resistance – $1.991 and $3.300
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
