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The cryptocurrency market is starting to recover following decisions by the Fed. Statements made by Chairman Jerome Powell play a significant role for risky investment assets. The recent rise in Bitcoin and notable developments this week in tokens like OP, DYDX, and SHIB raise expectations.
Optimism Chart Analysis
The daily OP chart analysis highlights a rising trend line that has been offering important clues to investors for nearly five months. However, a drop in March caused OP prices to lose momentum. The recent surge where the EMA 200 (red line) acted as resistance could signal a negative phase for OP.
Key support levels for OP to watch are; $2.61, $2.59, and $2.06. Particularly, a daily bar closing below the $2.59 level, which is the EMA 21 (green line) average, could cause OP prices to lose momentum. The resistance levels to monitor for OP are; $2.82, $3.24, and $4.00.
DYDX Chart Analysis
The daily DYDX chart previously emphasized a rising trend line until the end of April, but recent selling pressure has introduced significant bearishness for DYDX. The recent upward move where EMA 9 (blue line) acted as resistance could accelerate a negative trend for DYDX in the short term.
Important support levels for DYDX in the daily chart are; $2.00, $1.88, and $1.68. Particularly, a daily bar closing below the $1.88 level could cause DYDX prices to lose momentum. The critical resistance levels to watch for DYDX are $2.13, $2.45, and $2.90.
Shiba Inu Chart Analysis
The four-hour SHIB chart shows a falling channel formation, which has been providing key insights recently. The price’s rise without touching the support line is noteworthy. SHIB’s momentum is on the rise as it manages to close above the EMA 9 average.
The most important support level for SHIB in the four-hour chart is $0.00002087. A four-hour bar closing below this level could cause SHIB prices to lose momentum. The critical resistance level for SHIB is $0.00002462.
