Crypto analyst David predicts that OP Coin price will continue its rise. However, the analyst predicts a decline for AVAX Coin, which Turkish cryptocurrency investors include in their baskets.
OP price prediction: How high will the altcoin rise?
Optimism (OP) price has been trading in a widening wedge since June 2022. The price confirmed the validity of the pattern by testing both the support and resistance of the wedge several times. OP price jumped up from the support line of the formation (yellow arrow) in the week of October 16-22, 2023. The upward movement was gradual at first, but accelerated last week. This helped OP break above the $3.1 resistance zone with a large bullish candle and reach an all-time high of $4.2 this week.
Currently, OP is in the process of confirming the $3.1 zone as support (green arrow). If successful, a 1.618 Fib retracement of the recent decline is possible and it could continue to rise towards the next resistance zone at $4.7 formed by the wedge resistance. Meanwhile, the RSI indicator has entered the overbought zone and is sloping upwards. This shows that the upward trend will probably continue. Coincidentally, the top of the previous uptrend (green ellipse) was formed at the 1.618 Fib retracement level of the previous decline. Therefore, it is important to remember that the $4.7 level will be a tough resistance. However, a break above the $4.7 level will help OP quickly rise towards the next resistance at $7.1 (Fib 2.618).
The most likely scenario shows that the OP price will continue to rise in the near future. The potential target for this move is $4.7. A break above this level will likely help the price quickly rise to $7.1.
AVAX Coin price prediction: It is possible for the token to drop by 20%!
AVAX price reached a yearly high of $50 on December 24, 2023. However, cryptokoin.comAs you can follow from , it later started to decline. This high is slightly below the long-term resistance zone at $54. Currently, the price is in the process of breaking below the 20-day EMA (green arrows), which has provided support during the uptrend since October 2023. Breaking below this line will confirm that the AVAX Coin price has formed a local top. It will also indicate that a significant correction will occur.
Meanwhile, the daily RSI has created a significant bearish divergence in the overbought zone. Additionally, it fell towards the 50 level. This indicates strong selling pressure, supporting the possibility of further declines. Therefore, if today’s daily candle closes below the 20-day EMA, it is possible that AVAX Coin price could decline to the next important support zone at $30.8. This level consists of the previous horizontal resistance zone and the 0.618 Fibonacci retracement level of the last rally. This figure is approximately 20.62% lower than the current price.
The most likely scenario shows that the AVAX Coin price will continue to fall in the coming days. The potential target for this move is $30.8. However, the bearish view will be invalidated if the price rises above $42.15 and bounces back inside the short-term channel.
The opinions and predictions in the article belong to the analyst and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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