OP is up 15.661% in 24 hours, currently at $0.1418. This kind of rally looks exciting, but don't rush to applaud.
Reports I've seen mention a change in Base's approach to the OP Stack. The validity of the news and whether it gets implemented are separate questions—we can't let headlines stand in for what the market is telling us. OP's trading volume is about $14.60M, so both the price gain and volume are there, but it has already recovered quite a bit from its intraday low.
On the $OP token page, I'll first check whether the 1h candles keep closing above 0.1400, then see whether the order book is backing the move. Similar sharp rallies in the past have often turned into a pullback after volume surged. 0.1360 is a retracement level I don't want to ignore, while I'll be watching for selling pressure near 0.1480.
Whenever the market heats up, the community starts spinning new stories. As a seasoned crypto trader, I'll set the stories aside for now. If OP can't reclaim 0.1400, I'll treat this move as a rebound. If it can hold above 0.1480, I'll reassess the trend. Tonight, I'll just watch price and volume, and won't chase the first big green candle.
Reports I've seen mention a change in Base's approach to the OP Stack. The validity of the news and whether it gets implemented are separate questions—we can't let headlines stand in for what the market is telling us. OP's trading volume is about $14.60M, so both the price gain and volume are there, but it has already recovered quite a bit from its intraday low.
On the $OP token page, I'll first check whether the 1h candles keep closing above 0.1400, then see whether the order book is backing the move. Similar sharp rallies in the past have often turned into a pullback after volume surged. 0.1360 is a retracement level I don't want to ignore, while I'll be watching for selling pressure near 0.1480.
Whenever the market heats up, the community starts spinning new stories. As a seasoned crypto trader, I'll set the stories aside for now. If OP can't reclaim 0.1400, I'll treat this move as a rebound. If it can hold above 0.1480, I'll reassess the trend. Tonight, I'll just watch price and volume, and won't chase the first big green candle.