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Optimism (OP) Reaches New All-Time High: Biggest Weekly Gainers

2 mins
Updated by Geraint Price
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In Brief

  • FLOW and YFI have broken out from ascending parallel channels.
  • OP is following a parabolic ascending support line.
  • CHZ has broken out from the $0.134 horizontal area.
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Be[In]Crypto takes a look at the five cryptocurrencies that decreased the most last week, more specifically, from July 29 to Aug 5.

These cryptocurrencies are: 

FLOW

FLOW had been increasing inside an ascending parallel channel since June 18. It managed to break out from it on Aug 4 and reached a high of $2.98 the next day.

FLOW barely failed to reach the main resistance area at $3.10. 

If it manages to break out from it, the rate of increase could greatly accelerate due to the lack of overhead resistance above $3.10.

FLOW breakout
FLOW/USDT Chart By TradingView

FIL

FIL has been gradually moving upwards since June 18. It broke out from a descending resistance line on July 17 and accelerated its rate of increase afterwards. This led to a high of $11.39 on Aug 1. However, it was rejected by the $11.25 horizontal resistance area and has been decreasing since. 

The most likely area to provide support is between $7.40 and $8.20, created by the 0.5-0.618 Fib retracement support level. 

Conversely, the next resistance area is at $15.80.

FIL breakout
FIL/USDT Chart By TradingView

OP

OP has been increasing alongside an ascending parabolic support line since July 13. In a period of 22 days, the price has increased by 440%. This led to a new all-time high price of $2.25 on Aug 4. 

While the price has decreased slightly since, the parabolic support line is still intact and so is the bullish trend.

OP Parabola
OP/USDT Chart By TradingView

CHZ

CHZ has been increasing since June 18. On Aug 1, it broke out from the $0.134 horizontal resistance area and validated it as support the next day.

If the upward movement continues, the next closest resistance area will be between $0.205 – $0.235. This is created by the 0.5-0.618 Fib retracement resistance levels.

CHZ resistance area
CHZ/USDT Chart By TradingView

YFI

YFI had been increasing inside an ascending parallel channel since June 18. It broke out from this channel on July 29 and reached a high of $14,200 the next day. 

The price has been decreasing since, and is in the process of validating the resistance line of the channel, completing a fourth-wave pullback. If successful, this would lead to another upward movement towards $17,000. 

A decrease below the wave one high (red line) at $8,087 would invalidate this particular wave count.

YFI Parallel channel
YFI/USDT Chart By TradingView

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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