$OPEN in the framework of the launch pool on Binance caused a stir: the price soared by 404% in a day, reaching a peak of $3.65, and is now trading at $1.008. Volatility is off the charts, but what’s next? Let’s analyze the analytics!
Technical analysis: On the 4-hour chart $OPEN is consolidating after a parabolic rise. The RSI at 68 indicates overbought conditions, but not critical. Support at $0.95-$1.00 coincides with the 50 EMA, resistance is at $1.50 and $2.20. The fear and greed index (neutral, 48) indicates growth potential while maintaining bullish momentum. However, launch pools are often accompanied by a dump after the hype, so be cautious.
Bullish scenario (trading plan):
• Entry: $OPEN $1.05 (break of support at $1.00).
• TP1: $1.50 (+45%). TP2: $2.20 (+110%).
• SL: $1.00 (5% of entry).
• Move SL to breakeven at $1.30.
Bearish scenario (trading plan):
• Entry: $0.95 (break below $1.00).
• TP1: $0.80 (+15%). TP2: $0.65 (+30%).
• SL: $0.99 (4% above entry).
• Move SL to breakeven at $0.90.
Risk management: Use 1-2% of the deposit per trade, considering the volatility of OPEN.
What do you think about OPEN? Share your forecasts in the comments and subscribe to not miss top analytics! 🚀
