Hey! Hope you guys are doing well today, just wanted to make a quick post on this insane move that we've seen Osmosis today and I just wanted to give my take on it.
🔥Two days ago the Osmosis blockchain was halted due to a liquidity pool bug/glitch which enabled users to essentially siphon funds from the pool when they a reddit user found out and posted that...
Osmosis (OSMOUSDT) is testing and marginally breaking today the Lower Highs trend-line that started on the May 05 High. With the 1D RSI on Higher Lows while the price has been on Lower Lows, i.e. a Bullish Divergence, we can finally see a major break-out. The next Resistance level in line and potential target is the 1D MA50 (blue trend-line) and the Lower Highs...
Continuous selling pressure from rewards.
TVL is dropping with a probable support at 0.5B $USD.
No price support in sight, but maybe 1.5$ will hold, because staking rewards dropped dramatically.
It will inevitably reach that level if LP rewards will continue to increase due to lower TVL and no buy pressure is found.
As predicted in my last idea, OSMO continued down for some time and now it would appear we are about to complete a five wave correction.
Price completed wave 4 and is falling on wave 5. Once done, OSMO could have a nice recovery.
The indicators should also curve up nicely once we bottom on the last leg.
Buying under $8 seem like a good idea based on this...
Osmosis, an exchange token on the Cosmos ecosystem had a great pump in early 2022, but that quickly faded.
OSMO could not sustain the uptrend and in March fell below a key ascending trendline which was re-tested as resistance = BEARISH! See yellow circle.
For this reason, do not FOMO into OSMO. It can easily drop to $8 before any sustained recovery.
So, right now, OSMO is trading at 9$, everything between 8.40$ and 9$ can be considered as Support, see B1. This zone is also a good spot for DCA OSMO.
If B1 does not hold as support at all, we should entertain the Idea that the Price is coming down to 7$ / 7.80$. See B2 which is also an excellent Zone to DCA OSMO.
Note, the Markets are still very...