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OP / TetherUS

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OPUSDT trade ideas

OPUSDT Chart Update.Hello everyone, I’m Cryptorphic. For the past seven years, I’ve been sharing insightful charts and analysis. Follow me for: ~ Unbiased analyses on trending altcoins. ~ Identifying altcoins with 10x-50x potential. ~ Futures trade setups. ~ Daily updates on Bitcoin and Ethereum. ~ High time frame (HTF) market bottom and top calls. ~ Short-term market movements. ~ Charts supported by critical fundamentals. Now, let’s dive into this chart analysis: OP is currently holding decent support at $1.7 and is likely to rally higher if it continues to hold support between $1.65 and $1.8. OP has already dropped by 67% from its all-time high, and if it fails to hold the current support, we could see another 25%-35% drop. OP had 31.34 million tokens (2.88%) unlocked yesterday, but it still held its position. Another 10 million tokens (0.99%) will be unlocked in 13 days. Here are the key observations: ~ Primary Support/Entry 1: $1.65 to $1.8. ~ Lower Support/Entry 2: $1.18 to $1.38. ~ Resistance: $2.3 (21EMA). ~ Target: $5 to $6. ~ RSI: Close to the oversold range, indicating bullish momentum. DYOR. NFA Please hit the like button to support my content and share your thoughts in the comment section. Feel free to request any chart analysis you’d like to see! Thank you! #PEACE
Long
by Cryptorphic
OP/TETHERUS Falling KnifeOutperformed by 61% of the top 100 crypto assets in 1 year Outperformed by ETH and SOL Only 14 green days in the last 30 days (47%) Less than 5% of the total supply is in circulation Optimism Token (OP) Surge Sparks Investor Frenzy: Key Drivers Behind the Rising Interest n Q1 2024, Optimism showcased robust network metrics, leading to a 9% increase in the value of its OP token. “Optimism remains a dominant player within the Ethereum ecosystem,” according to COINOTAG FINANCE. Despite the fee reductions, Optimism’s on-chain profit rose by 14% to $2 million in Q1 2024. The network’s Total Locked Value (TVL) increased by 18% to $1.2 billion, though it dropped to 11th place in the TVL ranking. The DeFi sector, which accounts for 86% of active addresses, led this growth. Notably, protocols like Synthetix, Aave, and Velodrome also showed significant increases in TVL. Key Insights for Investors Optimism’s network activity and transaction volume are on the rise. The average transaction fee has decreased, increasing user engagement. Despite market fluctuations, OP token value has shown short-term gains. The DeFi sector continues to drive TVL growth on the Optimism network. Stablecoin market cap on Optimism surged significantly, led by USDT and USDC. Despite Optimism’s solid performance in Q1 2024, its OP token did not sustain its peak price. After reaching an all-time high of $4.84 in March, it fell to a yearly low of $1.80. However, recent bullish trends in the broader cryptocurrency market have positively affected the OP coin. With a 9% price increase in the last 24 hours and a 3% rise over the past week, OP is currently trading at $2.56. CoinGecko data also indicates a 19% increase in trading volume, reaching $290 million in the last 48 hours.
Short
by DaveBrascoFX
OPUSDT - To be or not to be? We are in the shopping zone although there is still room to fall a little more. It is possible that it will begin to lateralize at these levels and if it maintains this support, we will see it in the clouds again SL 1.55 TP 4.6 It is important to monitor the RSI at different times to enter on time. _________________________________________________________________ Estamos en zona de compras aunque todavía tiene margen para caer un poco más. Es posible que comience a laterizar en estos niveles y si mantiene este soporte, lo volveremos a ver por las nubes SL 1.55 TP 4.6 Es importante vigilar el RSI en diferentes temporalidades para entrar a tiempo.
by DeuXfi
$OP (Optimism) Bullish Dragon with SFPDaily swing failure confirmed on the daily here, potentially marking the second bottom. So far we are bullishly engulfing, showing follow thru after the bullish Hammer yesterday. We still have a full day before it closes, but that would be a real good look here for OP. If the low is sustained here, this would give you the beginning stages of a bullish dragon. You would expect to see a return to the range high to confirm the double bottom, which would be your sign of strength. Targets would be at the 618, the 1.618 extension of this last move down and the measured move of the double bottom. We would need bitcoin to cooperate here for alts to do well off these lows, but the trades are there for sure.
Long
by TradingNomadic