The OP price is currently trading at $2.269 while seeing a change of 44% in 24-hour trading volume.

The OP price is observing an increase of 1.45% in the last 24 hours.

The OP price might make a bearish correction in the upcoming days.

The bears are currently making a severe attempt to take control of the OP price action. After taking rejection from the price of $3.263 twice the OP price made a bearish double-top pattern followed by a lower low. The double-top is an M-shaped bearish reversal pattern that is often seen at the top of a trend.

In the double top pattern, a price after making a higher high takes rejection from the previous resistance level indicating that the buyers are refusing to support the price above the rejection point which is often followed by a sharp downfall. At this point, the sellers start taking over the price action.

OP price making a bearish reversal on the (Daily Timeframe)

Source: OP/USDT by TradingView

As illustrated in the image given above the OP price after taking support from $1.000 made a bullish rally and started trading on an uptrend. After making an extremely bullish rally the price took a rejection from $3.263 it made a bearish correction of 35 percent the OP price made another attempt to cross above the resistance level but did not succeed.

From that point, the price made a severe downfall of 45 percent, breaking the previous bull trend by making a lower low pattern. Subsequently, the OP price made a lower high which might be followed by a lower low. Although OP price has major support below the current level in the form of 200 EMA.

Technical Analysis ( On 1 Day Timeframe )

Source: OP/USDT by TradingView

The RSI line after reaching the overbought level in early January started making a divergence from the price action. Where the price was making a higher high and higher low RSI line was making a lower high and lower low. Which is a bearish reversal signal. After this Open Network price broke its bull trend near early march when the RSI line crossed below the median line. The current RSI value is 46.72 points which are taking resistance from the 14 SMA around 46.98 points.

Conclusion

The Open Network price is currently trading above the 200 EMA which is a critical EMA line that indicates whether the particular price action is on a bull or bear trend. According to this, the OP price is currently trading on the overall bull trend. Although the price action and indicators are suggesting that Open Network price can take a bearish correction. The 20 EMA has recently crossed below 50 EMA whereas, on the other hand, Open Network is also taking resistance from 50 EMA. From which it can make a downfall of 21 percent.

Technical levels –

Support -$2.027 and $1.768

Resistance – $3.000 and $2.600

#optimism #Binance #crypto2023 #crypto #cryptotrading

Optimism-based lending protocol, Kokomo Finance, has come under suspicion of conducting an “exit scam” worth around $4 million. The alleged rug pull was brought to light by blockchain security firm CertiK, who alerted its followers to the incident via a tweet on March 26.

According to CertiK, the Kokomo Finance token (KOKO) fell by a staggering 95% in value within minutes, after the deployer of KOKO attacked the smart contract code of a wrapped Bitcoin token, cBTC. The attacker reportedly reset the reward speed and paused the borrow function before approving the new cBTC smart contract to spend over 7000 Sonne Wrapped Bitcoin (So-WBTC).

@azcoinnews

The attacker then called another command to swap the So-WBTC to an address starting with “0x5a2d,” which resulted in a $4 million profit for the address. CertiK also highlighted that Kokomo Finance removed all its social media accounts immediately after the alleged scam took place.

Kokomo Finance is an open-source and noncustodial lending protocol on Optimism, where investors could trade wBTC, Ether (ETH), Tether (USDT), USD Coin (USDC), and Dai (DAI). The platform has not made any official statements on the alleged scam.

The incident raises concerns over the security of DeFi protocols, as several similar incidents have occurred in recent times. Rug pulls and exit scams have become commonplace in the DeFi space, leading to massive losses for investors.

The alleged scam also highlights the importance of conducting thorough research before investing in any DeFi project. Investors should evaluate the project’s credibility, security, and transparency before putting their money into it.

Overall, the alleged exit scam by Kokomo Finance is a reminder of the risks involved in investing in DeFi projects, and investors should always exercise caution and due diligence.

#Kokomo #Kokomofinance #DeFi #optimism #azcoinnews

This article was republished from azcoinnews.com