- OP token price has been on the rise for the past two weeks and recently it broke the important supply zone.
- The OP token price has broken the supply zone forming an ascending triangle pattern on a daily time frame.
- The pair of OP/BTC is trading at the price of 0.000002340 with an increase of 2.52% in the past 24 hours.
After overcoming all short-term obstacles, the price of the OP token is now trading above the long-term supply zone. The token has started to consolidate as of now on a daily time frame. On a weekly time frame, the token has demonstrated positive momentum. On a daily time scale, the price of the OP token has developed the ascending triangle chart pattern. The price of tokens recently broke out of this bullish pattern.
The token price has been steadily increasing ever since. The token price has currently shown a breakout of the 50 and 100 MA. The token price can be observed resting at these Moving Averages going forward. The price of tokens likewise demonstrated a breakout of the 14 SMA. After rebounding off the lower band, the token price is currently trading at the upper band of the Bollinger band indicator.
Volatility has risen as a result of rising volumes. Investors should exercise caution since they might become caught on either side. The current bullishness has resulted in a wide range of Bollinger bands. As a result, investors should prepare for some sideways fluctuation in the price of the OP token in the next few days.
The OP token price has given a breakout of ascending triangle chart pattern on a daily time frame
Average Directional Movement Index: ADX curve has been rising on a higher time frame as the token continues to move upwards. In an hourly time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As seen in the 4-hour time frame the ADX curve has risen above the zone indicating strong bullishness. As the token price hovers around the supply zone, the ADX curve is still pointed upside. Investors should wait for a breakout of the supply zone with a positive candle formation.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token gave a breakout of the supply zone. The blue line crossed the orange line on the upside. This has resulted in the token price moving up strongly. Recently the OP token price fell after the breakout of small resistance, as a result, the MACD indicator also depicted the same. Once the token price starts moving up again after retesting, the gap between the blue and orange lines can be seen widening supporting the trend.
Supertrend: The OP token price rose above the supply zone with a strong bullish candlestick pattern. The token broke out of the super trend sell line which triggered the buy signal. As of now the OP token is trading above the super trend buy signal line. Going forward this line could act as a strong support zone.
Conclusion: The OP token price has formed a strong bullish chart pattern and the recent breakout of the supply zone has triggered positive signal from ht technical parameters. Investors should remain cautious and wait for the rest of the breakout zone and then act accordingly.
Support: $1.4 and $1.3
Resistance: $1.7 and $1.9
