OLYMPUS / DAI STABLECOIN on Ethereum (055475...7722D3)SushiSwap v2 (Ethereum)
Description
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So the last 2 ideas I posted were shortly followed by nice pumps, but couldn't be sustained for whatever reason. The fundamentals of OHM seem sound, the community is vibrant and it has a huge first mover advantage in it's area (algorithmic stablecoins on ETH). Value investors are surely paying attention here for the long term play. OHM forks have been sucking liquidity and investors away for months, but how many will survive? This chart is a simple and clear 4h bullish divergence on the RSI . The daily RSI is nearly all time low territory. So, can we *confidently* expect a reversal soon, or are we going lower? Impossible to say but given that prices were above $1000 a month ago it would seem like a nice opportunity to scale in to this project if you are a fan of its thesis and stated goals. Let me know your thoughts :)
Comment
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*Invalid below 360 or 17 on RSI
Comment
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FYI that last 4h green candle is the highest volume since the 15th of October. Volume spikes are often associated with trend reversals. Volume precedes price and volume confirms price. Take this as you will.
looks like a ping pong ball bouncing down a slide lol - still bought though
garrethdavis123
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@brainfogbabe, Haha true! You got in at a nice discount :)
brainfogbabe
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@garrethdavis123, wow yeah it went up 40% or so since i bought just 2 days ago
Voodoo_Child
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OHM seems to be heavily correlated with Bitcoin. As long as BTC is in a downtrend, I see no reason why it will not continue. I love the fundamentals, but it does seem like we are getting more accumulation around the 450 to 350 range. Once we get out of this trend though, I do see this going back to test the 850.00 range. Good analysis
Voodoo_Child
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Also, people know APY is going down, so most likely all sold, knowing they can get back in closer to the 1 OHM backing price which I believe is around 114
garrethdavis123
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@Voodoo_Child, Hi, thanks for your comment. Definitely agree with some of your points here. I think we really need to flip the EQ of the downward channel we've been in for about 2 months (going to highlight this in my next idea), then flip the top of the channel. Until then we are in a technical downtrend. FA wise it's a great project, the migration to V2 could have been handled way better though, really poor communication from the devs I thought. APY reduction will make the project sustainable so I think it will be around in a while, as well as a select few forks. Thank again :)