Optimism (OP) Looks Ready for 3x Spike as Key Level Holds; ONDO Price Could Reverse at This Strong Support
Rekt Capital, in his latest newsletter, discussed the price path of optimism and ONDO. These cryptos have been on the analyst’s radar for some weeks now, and they are going as managed so far. Let’s take a deep look into what the analyst expects of them next.
What you'll learn 👉
Optimism Looks Ready to Bounce
The analyst started by discussing the expectations for Optimism’s OP price, talking about its downside deviation below a certain macro-higher low level (tagged with the purple trendline). The analyst also pointed to a critical level around $1.91 which OP had to reclaim as new support to make it continue its upside trend.
Now, the price has successfully retested the macro-higher low (the purple zone), and the monthly candlestick has flipped green for the first time this month. The price of OP now looks like it is ready to move to the black level at around $3.7.
However, the newsletter mentions that the position is not yet visible in the monthly timeframe, but it is already clear in the weekly timeframe.
The price has already broken above the $1.9 level on the weekly timeframe and is pulling back to test it as support. A successful retest should see a price rally to around $2.6 to $2.7.
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A previous retest attempt at similar price levels occurred in early 2023 (green circle). Back then, a weekly close above the black level followed by a downside-wicking retest attempt enabled the upside to be as high as the orange area of resistance in the $3 region.
It remains to be seen if history will repeat
ONDO Eyes Key Support With Ongoing Price Pullback
The analyst has been expecting ONDO’s price dip, and the price confirmed it with an ongoing pullback to the green line at around $1.
With the price at $1.05 at the time of the analysis, the analyst sees the price retesting to reach the green line. A successful retest at that point would see a reversal towards the black line around the $1.1 level from which it was rejected earlier this week.
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