Trade OP in Futures Market at CoinDCX
Issued on: 01 Aug’23
Valid upto: 08 Aug’23
Category: Layer-2 Scaling solutions
Market Cap: $1,132,386,009
Price Update:
OP price at the time of writing (01 Aug’23, 12:58) is $1.58, with a 24-hour trading volume increased by 1.12% to $230,073,496. OP price is down by 6.16% in the last 24 hours according to coinmarketcap.com.
Source: TradingView
Analyzing the above chart:
- Daily timeframe: Last daily close shows extreme rejection from above S/R flip at around $1.77, indicating bearishness.
- Confirmation: Retest of the 200 EMA D resulted in a failure to sustain above it, reinforcing the bearish outlook.
- General market weakness further supports the bearish sentiment.
- Bottom support levels: $1.474 and $1.369
- Upper resistance level: $1.806
- A Short Trading strategy can be assessed between $1.633-$1.570 with an invalidation above $1.720
- On the downside, one can see a fall of 15-20% toward $1.474 & $1.369 (valid for 7 days)
- It would seem that one should maintain a balanced risk-to-reward ratio and check the use of leverage and position size to ride out current market conditions.
Note: OP is now available in the futures market in both Go and Pro apps with up to 15x leverage.
LAST 30 DAYS ANALYSIS SUMMARY:
| DATE | TOKEN | Strategy (Long/Short) |
TOKEN RETURN% | TOKEN RETURN % (with 8x leverage) |
BTC RETURN% |
| 04-July | FTM | Long | -5.93% | -47.44% | -2.94% |
| 04-July | LRC | Long | -5.33% | -42.64% | -4.02% |
| 05-July | APT | Long | -3.72% | -29.76% | -2.22% |
| 06-July | SOL | Long | 30.59% | 244.72% | 2.69% |
| 11-July | MATIC | Long | 13.69% | 109.52% | 3.77% |
| 12-July | DOT | Long | 9.87% | 78.96% | 1.82% |
| 13-July | BEL | Short | 12.78% | 102.28% | -2.98% |
| 20-July | STX | Long | -3.62% | -28.98% | -4.36% |
| 21-July | SAND | Short | 4.57% | 36.55% | -0.95% |
| 25-July | DOGE | Long | 6.97% | 55.76% | 0.36% |
| 26-July | WLD | Short | 7.60% | 60.81% | 0.85% |
| 28-July | ETH | Short | Trade is live | ||
| AVERAGE RETURN | 6.13% | 49.07% | -0.73% | ||
| SUCCESS RATE | 64% |
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
Disclaimer: “The information, advise and/or views provided on this page are that of the author or company and are for informational purposes only. The Platform does not intend to: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) to provide accounting, legal, or tax advice, or investment recommendations, or (iii) make any representation of any kind, express or implied, on accuracy, availability, reliability or completeness of the same. Note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. AT NO TIME WILL THE PLATFORM BE LIABLE FOR YOUR USE OR RELIANCE OF THE SAID INFORMATION, ADVISE AND/OR VIEW WHICH IS SOLELY AT YOUR OWN RISK.”
