Crypto tokens Optimism (OP) and PENDLE exhibit familiar price trends tied to historical patterns. Analyst Rekt Capital’s insights reveal key retests of support and resistance levels that could shape their future trajectories. Moreover, both tokens have plummeted in value lately according to CoinGecko data.
Optimism (OP): Testing Historical Cycles
Optimism (OP) has followed clear historical cycles, according to Rekt Capital.
The token is currently dipping into the upper range of its macro accumulation zone, identified as between $1 and $2. This area has historically marked the transition from accumulation phases to uptrend continuations.
New edition of the Rekt Capital Newsletter is liveI share an Altcoin Market UpdateFeatures analysis on the following Altcoins: $OP $PENDLE $APT $POPCAT $DOG $NEARSign up to read it here:https://t.co/0TVQFJi21k#BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) December 18, 2024
The recent price activity included a brief downside wick into this range last week. Historical data from 2023 suggests OP might continue to trade near this level before establishing a firmer direction. Such behavior aligns with prior post-breakout retests observed for the token.
At publication, CoinGecko shows that OP is priced at $2.11, with a 24-hour trading volume of $758,965,409. This marks a decrease of 8.84% in the last 24 hours and 17.14% over the past week, reflecting broader market volatility.
Read also: Why Is the Crypto Market Down Today?
Pendle (PENDLE): Retesting Range Lows
PENDLE has shown repeated interactions with key price levels, signaling potential support and resistance zones.
Recently, the token successfully retested the $5.35 range low, which historically enabled moves toward the $6.82 range high. However, a rejection at the range high has increased the likelihood of revisiting the lower range.
Earlier this year, PENDLE experienced a failure at this support level, emphasizing the importance of holding the $5.35 range low. This area remains pivotal for building a re-accumulation range at the current highs, which could set the stage for a future uptrend.
The token briefly wicked into this support level last week, hinting at potential additional downside due to ongoing market fluctuations. CoinGecko data shows PENDLE trading at $5.55, with a daily trading volume of $227,548,449.
The price has declined by 9.37% in the past 24 hours and 8.87% over the past week.
Both OP and PENDLE have demonstrated volatility in recent days, consistent with broader trends in the crypto market. Rekt Capital emphasized the importance of key support and resistance levels as these tokens navigate their respective cycles.
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