Optimism (OP) hits record high: biggest weekly gain


Yes[In]cryptocurrency Take a look at the five cryptocurrencies that saw the biggest declines last week, more specifically, from July 29 to August 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 has been increasing within an ascending parallel channel since June 18. It managed to break out on Aug. 4 and reached a high of $2.98 the next day.

FLOW has barely reached the major resistance area of ​​$3.10.

If it manages to break out of it, the upside is likely to accelerate considerably due to the lack of overhead resistance above $3.10.

Phil

FIL has been gradually rising since June 18, breaking through the descending resistance line on July 17, and then accelerating its rise. This led to the Aug. 1 high of $11.39. However, it was rejected by the horizontal resistance zone at $11.25 and has been declining since.

The most likely area of ​​support is between $7.40 and $8.20, created by the 0.5-0.618 Fib Retracement support.

Instead, the next level of resistance lies at $15.80.

OP

Since July 13, OP has been rising along the ascending parabolic support line. In a 22-day period, the price increased by 440%. This led to an all-time high of $2.25 on Aug. 4.

While prices have since declined slightly, the parabolic support line remains intact, as is the bullish trend.

CHZ

CHZ has been rising since June 18. On August 1, it broke the horizontal resistance area of ​​$0.134, which was validated as support the next day.

If the advance continues, the next nearest resistance area will be between $0.205 and $0.235. This is created by the 0.5-0.618 Fib Retracement resistance level.

YFI

Since June 18, YFI has been rising within an ascending parallel channel. It broke out of the channel on July 29 and reached a high of $14,200 the next day.

The price has been falling since then and is validating the resistance line of the channel, completing a fourth wave of pullbacks. If successful, this could lead to another rise to $17,000.

A break below the first wave high (red line) at $8,087 would invalidate this particular wave.

in order to become[in]Crypto’s latest Bitcoin (BTC) analysis, click here

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