- A structural shift may have confirmed after breaking above the double bottom neckline at $ 0.85.
- Large transaction volume rose, signaling of whale interest, even if the profitability of the holders remains almost evenly distributed.
It was clear that after a successful intersection of the neckline of the double bottom pattern, optimism, it was clear that after a successful intersection of the neckline of the neckline of the double bottom pattern [OP] seemed to have caused a potential remarkable shift in its structure.
Previously, the $ 0.85 neckline acted as stiff resistance. Once broken climbed to $ 0.89 and stabilized shortly above.
If the price of Op continued to float above the level of $ 0.85, a trend conversion could be ahead. Depending on event recognition, $ 1.00 was the next milestone to pay attention.
One level to rule them all: ons $ 0.85
First indications of the MACD indicated A bullish crossover, a revelation that was a continuous purchasing power on the market.
That said, must hold $ 0.85 to keep Momentum alive.
Source: TradingView
If the support for $ 0.85 did not hold, the price could come back to $ 0.78, the low point in the double bottom.
If the prices fell below $ 0.78, this would raise a question about whether the reversal was correct and in a position of further losses, even up to $ 0.70.
So, ON’s immediate trend depends strongly on the $ 0.85 zone that acts as a fixed support in the upcoming sessions.
Number of major transactions and profitability of holders
Data on Intotheblock chains revealed that large transactions volume reached a peak at 120.25 million in 24 hours.
Every week volume varied between 78.87 million and 229.36 million – an impressive spread of $ 150 million.
The price rose after $ 0.85 and reached around $ 0.90, coinciding with increased trade volumes. This increase in activity suggests that large -scale investors played an important role in raising the market.
Source: Intotheblock
If this trend continued, this could bring out more bullish enthusiasm.
However, if the transaction volume would fall, this can endanger the current trend. Until now, the increase in transaction volume seems to support the recent increase in the price of.
Half -winning, half bleeding
In the meantime, around $ 0.9026, 48.30% of optimism holders made a profit, while almost an equal percentage, 48.82%, continued to make losses.
Only 2.88% was in Breakeven – an unusually narrow tire that often leads to sudden directional movements.
The support cluster is between $ 0.79 – $ 0.82, while a red zone with a resistance line is long at $ 1.01 – $ 1.04.
Source: Intotheblock
If it would continue to rise, it would experience the resistance between $ 1.01 and $ 1.04, with the large red cluster indicating considerably unprofitable positions for liquidation.
The structure of the market suggested that stabilizing around the current bracket.
If the price were to rise above $ 0.93, it could cause an upward trend; And a further decrease of less than $ 0.85 can take a different look at more serious support levels.