$OP technical analysis

Current Overview

Price: $2.644

24h Change: -2.18%

Trend: Bearish Consolidation

Support Levels: $2.61, $2.58

Resistance Levels: $2.72, $2.78

Technical Analysis

1. Moving Averages (MA):

50-MA: Bearish crossover; acting as a resistance near $2.70.

200-MA: Long-term support near $2.55.

2. RSI (Relative Strength Index):

RSI is hovering around 44, indicating mild bearish momentum but not oversold yet.

3. MACD (Moving Average Convergence Divergence):

Bearish crossover in the histogram suggests continued downward pressure.

4. Volume Profile:

Decreased volume during price drops indicates potential weakening of selling pressure.

5. Fibonacci Retracement Levels:

Key levels to watch: $2.61 (0.618) and $2.78 (0.382).

Trade Momentum

Momentum: Bearish short-term, potential for reversal near $2.58.

Strategy: Look for a bounce near support or confirmation of breakout above resistance.

Trade Signals

Entry Zone:

Long: $2.61–$2.63 (near support).

Short: $2.68–$2.72 (near resistance).

Targets 🎯:

1. Target 1: $2.70 (Short-term resistance).

2. Target 2: $2.78 (Mid-term resistance).

3. Target 3: $2.85 (Breakout target).

Stop-Loss:

For Long: Below $2.58.

For Short: Above $2.78.