After enduring a steep drop over the past 6 months, O3 Swap’s O3 token looks to be making a comeback. Bouncing back from sub-$1 lows, the digital asset leaped almost 39% on the day.
Defi DEX (Decentralized Exchange) platform, O3Swap’s $O3 token is showing signs of life, after dropping 96% of its value in the past 185 days. The asset is up almost 26% (at time of writing) on the day, and seems to be setting up for more bullish price action.
Priced at $0.39 – at press time – the $O3 token is up about 25.52% on the day, forming a bullish belt-hold (at present) candle. At the current price, the market is down about 9.5% from a daily high of $0.4377. The market opened at $0.3114, from a daily compared to the previous trading day’s close of $0.3154.
Today’s candle marks a breach of the $0.42 resistance level, following a clear breakout from a downward triangle pattern. A possible revisit to the $0.34 – $0.32 support zone may set the asset up for a roaring leap to the $0.56 – $0.60 price level.
The market’s MACD indicator seems to foretell a return to bullish price action, though the asset is still quite away from it’s $15.80 all-time high (as shown by Huobi charts, streamed over TradingView.) The indicator signals a bullish divergence, with the last line beginning to cross over the slow line. The indicator’s histogram has also turned bullish. The MACD indicator also tells us that momentum may be starting to return to the $O3 market.
The Stochastic Oscillator shows a bullish confirmation, with the fast Moving Average touching the 100 line. It is, not yet, in oversold territory, which tells us that this baby may still have some space to do its thing.
The Ichimoku Cloud’s Chikou span has turned – sharply – upwards, while the Tenkan has begun to run up along with price action. The indicator’s Kijun is running flat, implying a halt in bearish action, for now. The Senkou spans, while still in bearish territory, have begun to indicate a possible change in price action. Senkou A has turned up towards Senkou B, which is beginning to flatten, signaling an imminent crossover.
The market may still dilly-dally – as nothing ever goes up in a straight line – but we may still soon see it cross over the $1 mark. A cross over the $0.66 resistance level will offer more confidence to that effect.
