To be honest, this wave of O's price action is pretty rough. When the new coin launched, there was a pump that looked like it was about to break out, but then it turned around and we got hit with a massive red candle, burying all the FOMO buyers. Looking at the chart now, it seems like the whales don’t even care about propping up the price, just letting it crash down, which shows they aren't worried about short-term cost basis; their goal is to drive it down to even lower levels.
Currently, the price has broken past the previous support, and the downtrend channel is fully open. Since the big players aren’t stepping in to buy, the most sensible move is to ride the trend and continue shorting. The target level is around 0.5, which is a previous liquidity void and also a key technical support.
However, when shorting, you gotta watch out for rebound risks because new coins can be super volatile. Just one little swing could trigger your stop-loss, so keep your position size in check and don’t hold on too tightly.
#O
Currently, the price has broken past the previous support, and the downtrend channel is fully open. Since the big players aren’t stepping in to buy, the most sensible move is to ride the trend and continue shorting. The target level is around 0.5, which is a previous liquidity void and also a key technical support.
However, when shorting, you gotta watch out for rebound risks because new coins can be super volatile. Just one little swing could trigger your stop-loss, so keep your position size in check and don’t hold on too tightly.
#O