Technical analysis by MohsenCapital about Symbol OP: Buy recommendation (8/25/2024)

Overview:This report provides an analysis of the OPUSDT 1D chart, highlighting key technical patterns, resistance levels, and probable price movements based on historical price action and technical indicators.Key ObservationsConsolidation Zone:The price is currently trading within a consolidation range of approximately 100%, bounded by $1.00 to $1.90.This range represents significant price accumulation, often preceding a breakout.Fractal Analysis:A fractal pattern similar to the previous year’s price action is observed.This fractal aligns with a target at the 0.618 Fibonacci retracement level, suggesting a potential upward move.Volume Profile (VP) Levels:Volume Point of Control (POC), indicating the price level with the highest traded volume, is located at the critical level of $1.20.This level serves as a key support within the current consolidation zone.Probable ScenarioBreakout Potential:A breakout above the upper boundary of the consolidation zone at $1.95 is crucial.Clearing this level will likely confirm the fractal pattern derived from historical price action.Target Levels Post-Breakout:The fractal projection indicates potential targets in the range of $3.30 to $4.00, contingent on sustained momentum.Confirmation of the fractal can occur either precisely along the expected timeline or in its early stages, as depicted on the chart.Pivotal Level:The pivotal event remains the breakout of the $1.95 consolidation boundary, which will set the stage for upward movement.Conclusion:The current consolidation zone represents a critical zone for OPUSDT. A breakout above $1.95 would confirm bullish fractal projections, with potential targets at $3.30–$4.00. Traders are advised to monitor the $1.95 level closely, as it marks the threshold for a significant price move.Best Regards,MO