OPUSDT → There's still a chance for an alt season for BINANCE:OPUSDT by RLinda

OPUSDT → There's still a chance for an alt season

is showing positive momentum relative to what bitcoin has put up this night. The coin is in consolidation and testing trend resistance

The main reason for the lack of an altcoin season is bitcoin's huge dominance of the cryptocurrency market. The fall of BTC (open channel to 75K) and further growth after the formation of an intermediate bottom in the 75-80K zone may reduce the dominance phase, which in general will give a chance to the altcoin market, which is going through bad times.
I like OP in the fact that it is not falling in the wake of the flagship, but stands in consolidation, where we have clear boundaries for strategy formation. Focus on resistance: 1.212.

Resistance levels: 1.212
Support levels: 1.044, 0.983

Thus, a break of the resistance at 1.212 could trigger a rally and an attempt to change the trend.
It may happen after correction to 0.5 fibo, or after formation of pre-breakdown consolidation on H1-H4.
The structure of the setup will be broken if the coin starts to break 1.044-0.983.

Regards R. Linda!

RLinda

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