Hi Traders & Holders,
The analysis carried out is on OP/USDT. I am bullish on OP. Firstly it is a relatively new coin and has performed very nicely recently due to the Ethereum merge event. Other coins e.g. UNI, ETC, MATIC, LDO were pumped because of the event that was to happen. Now that the merge has been completed and the market has decided to dump price of mentioned coins as well as Ethereum. In trading world people buy at rumour and sell at news. It was certain for a selling pressure to occur. Optimism (OP) is a Layer-2 scalable solution for Ethereum and has its own blockchain. The project is fundamentally solid.
According to the analysis I performed there are some key things of interest:
1) Wave 1 has been completed marking OP all-time high price of $2.243
2) Wave 2 is yet to be completed I speculate at $0.772 price. The 0.618 FIB level was broken down and next which is 0.786 FIB level acts a major support.
3) Wave 3 will come and brace for it. It is the largest wave out of 5 waves. Many traders enter in at wave 3 as it gives exponential gains. I speculate the price would easily surpass all-time high and reach to $3.767. It is 1.618 FIB level using Trend-based fib tool.
4) Wave 4 will be steady and will take long just as much as Wave 2 is taking now. I speculate the price for wave 4 will find support at $1.90. That will be atleast at 49.24% drop from high of previous wave. It should consolidate between the range of $1.90-$2.10
5) Wave 5 which is the last wave but it is always a steady healthy upside wave. It will cross the high of Wave 3 which will be $3.767 but remember it is not the biggest wave. It will still be profitable if you enter at wave 4 ranges. I speculate the price to reach $4.37 marking OP all-time high yet again.
Hence this is my analysis on OP/USDT. Remember I DONT HAVE A CRYSTAL BALL :) It is purely based on my assumptions. Trade wisely. I hope it goes as mentioned above I would be extremely happy to be sharing it way before that time.
If you liked my analysis, follow me and reply to what you think about it. It is my first-ever post published.
Thanks for taking out the time :)
The analysis carried out is on OP/USDT. I am bullish on OP. Firstly it is a relatively new coin and has performed very nicely recently due to the Ethereum merge event. Other coins e.g. UNI, ETC, MATIC, LDO were pumped because of the event that was to happen. Now that the merge has been completed and the market has decided to dump price of mentioned coins as well as Ethereum. In trading world people buy at rumour and sell at news. It was certain for a selling pressure to occur. Optimism (OP) is a Layer-2 scalable solution for Ethereum and has its own blockchain. The project is fundamentally solid.
According to the analysis I performed there are some key things of interest:
1) Wave 1 has been completed marking OP all-time high price of $2.243
2) Wave 2 is yet to be completed I speculate at $0.772 price. The 0.618 FIB level was broken down and next which is 0.786 FIB level acts a major support.
3) Wave 3 will come and brace for it. It is the largest wave out of 5 waves. Many traders enter in at wave 3 as it gives exponential gains. I speculate the price would easily surpass all-time high and reach to $3.767. It is 1.618 FIB level using Trend-based fib tool.
4) Wave 4 will be steady and will take long just as much as Wave 2 is taking now. I speculate the price for wave 4 will find support at $1.90. That will be atleast at 49.24% drop from high of previous wave. It should consolidate between the range of $1.90-$2.10
5) Wave 5 which is the last wave but it is always a steady healthy upside wave. It will cross the high of Wave 3 which will be $3.767 but remember it is not the biggest wave. It will still be profitable if you enter at wave 4 ranges. I speculate the price to reach $4.37 marking OP all-time high yet again.
Hence this is my analysis on OP/USDT. Remember I DONT HAVE A CRYSTAL BALL :) It is purely based on my assumptions. Trade wisely. I hope it goes as mentioned above I would be extremely happy to be sharing it way before that time.
If you liked my analysis, follow me and reply to what you think about it. It is my first-ever post published.
Thanks for taking out the time :)