Structurally, the contract data for $OP has diverged from the price (open interest rising while the price trades sideways): 24-hour open interest +30.41%, price -1.06%, current price 0.1388.
Watch for two things next:
First, which direction the price breaks out of the range with volume; second, whether open interest drops rapidly afterward—a sharp decline in open interest usually means one side is being forced to close positions.
Watch for two things next:
First, which direction the price breaks out of the range with volume; second, whether open interest drops rapidly afterward—a sharp decline in open interest usually means one side is being forced to close positions.