OP's price fell from $4.86 to $1.061 over a five-month period, with an overall decline of 58%. However, after the price stopped falling, OP entered a volatile phase and eventually successfully broke through the volatile area at the bottom and turned into an upward trend.
Currently, OP is in a new uptrend, which was launched after it stepped back and confirmed the support. This judgment is based on the following reasons:
Since August 5, OP's price trend has shown the characteristics of gradually moving up lows and continuously climbing highs, which is a typical sign of a healthy uptrend. OP has successfully broken through the long-standing downtrend line, which is an important signal of a market turn. Not only that, it has also successfully crossed the entire bottom volatile range, further confirming the establishment of an uptrend. From the perspective of trading volume, OP began to increase in volume when it rose, and decreased in volume when it fell, which reflects the positive attitude of market participants and the strengthening of bullish power. The price has broken through the previous high and formed a new high, which is a strong evidence of the continuation of the upward trend. The Bollinger Bands (BOLL) began to open, which usually means that the amplitude of price fluctuations will increase and is often associated with an upward trend.
In summary, the above six points are clear signals of strong bullish power, and OP has just broken through the bottom area. After stepping back to confirm support, it indicates that the subsequent market is expected to continue to rise. Therefore, the current position is regarded as a good entry point for mid-term investment. The opportunity is rare and should be seized in time.
