Optimism (OP) Reaches New All-Time High: Biggest Weekly Gainers

Be[In]Crypto takes a look at the five cryptocurrencies that decreased the most last week, more specifically, from July 29 to Aug 5.

These cryptocurrencies are: 

  • Flow (FLOW) : 47.94%
  • Filecoin (FIL) : 39.59%
  • Optimism (OP) : 28.86%
  • Chiliz (CHZ) : 23.87%
  • Yearn.Finance (YFI) : 22.37%

FLOW

FLOW had been increasing inside an ascending parallel channel since June 18. It managed to break out from it on Aug 4 and reached a high of $2.98 the next day.

FLOW barely failed to reach the main resistance area at $3.10. 

If it manages to break out from it, the rate of increase could greatly accelerate due to the lack of overhead resistance above $3.10.

FIL

FIL has been gradually moving upwards since June 18. It broke out from a descending resistance line on July 17 and accelerated its rate of increase afterwards. This led to a high of $11.39 on Aug 1. However, it was rejected by the $11.25 horizontal resistance area and has been decreasing since. 

The most likely area to provide support is between $7.40 and $8.20, created by the 0.5-0.618 Fib retracement support level. 

Conversely, the next resistance area is at $15.80.

OP

OP has been increasing alongside an ascending parabolic support line since July 13. In a period of 22 days, the price has increased by 440%. This led to a new all-time high price of $2.25 on Aug 4. 

While the price has decreased slightly since, the parabolic support line is still intact and so is the bullish trend.

CHZ

CHZ has been increasing since June 18. On Aug 1, it broke out from the $0.134 horizontal resistance area and validated it as support the next day.

If the upward movement continues, the next closest resistance area will be between $0.205 – $0.235. This is created by the 0.5-0.618 Fib retracement resistance levels.

YFI

YFI had been increasing inside an ascending parallel channel since June 18. It broke out from this channel on July 29 and reached a high of $14,200 the next day. 

The price has been decreasing since, and is in the process of validating the resistance line of the channel, completing a fourth-wave pullback. If successful, this would lead to another upward movement towards $17,000. 

A decrease below the wave one high (red line) at $8,087 would invalidate this particular wave count.

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

The post Optimism (OP) Reaches New All-Time High: Biggest Weekly Gainers appeared first on BeInCrypto.

Earning Passive Income With Crypto

Related Posts

Fractional NFT Markets Slide 76% in Value in 7 Months, Diced-up Doge NFT Still Leads the Pack

When non-fungible token (NFT) collectibles became popular, the fractionalized NFT market grew past the $200 million range seven months ago in December 2021. Since then, the fractionalized…

Bored Ape Yacht Club (BAYC) NFT Sales Test New Higher-Low Slipping More Than $290M

Similar to more than 90% of NFTs, BAYC saw a significant reduction in sales volume due to negative market sentiment during the seventh month of the year. …

Crypto Use in Metaverse Could Threaten Financial Stability, Says BoE

The prospective widespread use of cryptocurrencies within a fully developed metaverse could pose a systemic risk to financial stability, according to Bank of England researchers. Were the…

Troubled CoinFLEX Files for Restructuring in Seychelles

On Tuesday, the troubled Cryptocurrency exchange, CoinFlex, filed for restructuring in a Seychelles court to resolve a shortfall due to a counterparty failing to make a margin…

Elon Musk Sells Tesla Shares Worth Nearly $7 Billion — Plans to Buy TSLA Stock Back if Twitter Deal Falls Through

Elon Musk has sold nearly 8 million Tesla shares worth almost $7 billion. “It is important to avoid an emergency sale of Tesla stock” if Twitter forces…

Citadel CEO Ken Griffin Spills Beans on Why He Outbid ConstitutionDAO

Citadel CEO Ken Griffin opens up on what prompted him to outbid ConstitutionDAO last year to obtain a rare copy of the U.S. Constitution. The prized document…