OP Technical Analysis
When we analyze the OP chart, we clearly see that the short-term falling wedge formation has broken above. This breakout signals that the price could gradually surge upwards towards the formation’s target. The technical target of this falling wedge formation is approximately $2.77, yet the price needs to exceed some strong resistance areas before it reaches this target level.The first key resistance level ahead is the range between the levels at $0.84 - $0.91, but the coin is currently trading around $0.75. If OP can break above this resistance range with huge volume, then we have other resistance levels up at $1.12, followed by $1.39 - $1.50.We must add that the range between the levels at $1.39 - $1.50 is technically so important that it intersects not only horizontal resistance but also the long-term falling trendline. If the price cannot break above this range, the price action could be limited; however, $1.89 and $2.77 could be targeted again if OP breaks above this range with great momentum.
- Summary:• The short-term falling wedge formation has broken upward.• The formation's technical target is the $2.77 region.• Immediate resistance: $0.84 – $0.91• Next resistance levels: $1.12 → $1.39 – $1.50• Closes above $1.50 indicate a breakout of both the sideways and long-term downtrend.• Potential medium-term targets: $1.89 → $2.77• The $0.66 level is the first area to follow as support in case of pullbacks.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
