SOS Technical Analysis – February 2022
OpenDAO (SOS) entered a bearish run after it reached a new all-time high in December of 2021 at around $0.00001, where it reached a fully diluted market cap of $1 billion for the first time. Nonetheless, the price has been declining after that. In January alone, the price of SOS declined by around 80%, suggesting huge a huge selling tendency in the market for OpenDAO.
Recently, the price found support at $0.0000015, where it was tested a couple of times in a matter of two days. Nonetheless, the structure proved to be quite strong and now seems to be the turning point of SOS for the coming weeks.
The price of SOS has rebounded at quite a rate, where SOS increased by around 200% in less than a week. This increase in the price suggests that the trend has now reversed and that OpenDAO could be aiming upward once again throughout February. Nonetheless, the price recently stopped at $0.0000046, and it is currently in a retracement. The fear and greed index suggests that there is little to no fear when compared to the price of SOS a week ago. Moreover, the trading volume has significantly increased in the last few days, where buyers have taken over. Recently, that volume has slightly declined, where most of the calls were to sell, suggesting that the majority of buyers are still hodling.
The 20-MA of a 4-hour chart is now below the price of SOS, indicating that the trend is now facing upward and that the price of SOS could keep increasing in the coming days.
The 9-EMA of a 4-hour chart is also currently below the price of SOS, suggesting that the price is bullish in the short run and that the EMA line is currently acting as support to the price of OpenDAO.
Relative Strength Index
The RSI of a 4-hour chart suggests that the price of SOS has reached above the 30-70 range, suggesting that the price could keep retracing in the coming days until there is more room for the price to keep increasing.
The MACD line of a 4-hour chart is above the signal line and well above the baseline, suggesting that the momentum is quite bullish for SOS. Nonetheless, the lines are now converging, suggesting that the price could keep retracing in the short run.
The Fibonacci retracement levels of a 4-hour chart suggest that the price of SOS has retraced below 38.2%, but the candlestick still managed to close above that zone. If the price keeps retracing as anticipated, the 61.8% level could prove to be a strong support level as it also aligns with previous structures.
Price Prediction SOS – February 2022
Based on this technical analysis on OpenDAO (SOS), the price of SOS is predicted to retrace in the short run. Nonetheless, the momentum remains bullish, and we could see SOS find support at around $0.000003 or slightly below it. Once the price finds support, we could see another impulsive surge upward in the price of SOS. The price could go as high as $0.000006, other things equal.
Latest News for SOS – Affecting Price
The recent surge in the price of SOS could be attributed to many factors. The overall crypto market has been on a steady rise, as the world’s leading cryptocurrency, Bitcoin, has managed to recover by 11%. Despite Bitcoin’s price movement, the OpenDAO team has been quite active when it comes to community management.
They have announced that they will be rewarding both veSOS holders and SOS LP providers in the coming week. With the hype building on NFTs, OpenDAO is focusing on providing NFT memberships to its faithful community.
🆘To all the #$SOS LP providers:
We have not forgotten your contribution and you’ll be rewarded too!
— OpenDAO🆘 (@The_OpenDAO) January 28, 2022
Other than that, SOS has recently entered the top purchased tokens list from the market’s biggest 1,000 whale investors. This played a huge role in the recent price of SOS, as many tried to jump in the hype and not miss out on the inevitable surge in the price of SOS.
🚀🚀 #SOS price ups 41.9% in the past 24hrs with a current price of $0.00000345
— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) January 30, 2022