SOS Technical Analysis – March 2022
OpenDAO (SOS) started 2022 with a bearish price, as the price declined ever since it faced resistance by the end of December of 2021 at $0.000007. After that, the price declined by around 80% in the first three weeks of January, showing strong selling pressure and bearish momentum for SOS.
Nonetheless, SOS found support at $0.0000015, and then it tried to recover in the last week of January. The price increased by more than 200%, but it stopped as it hit resistance at $0.0000046. Despite obvious signs of a trend reversal, SOS failed to do that in the longer-term chart.
In February, the price of SOS was bearish, to say the least, but each bearish movement was followed by a smaller corrective wave. The price declined by more than 60% throughout the month, and it recently found support at the previous support structure of $0.0000015. The channel is currently downward, but SOS is now rebounding. The recent price movement shows a higher low in the 4-hour chart, but also a lower high as it is failing to break the high selling pressure at $0.0000023.
Furthermore, the recent price movement in the 4-hour chart shows a triangle pattern taking shape, indicating that SOS may have a breakout in the short run. This could see the price of SOS break the upper trend line and eventually reverse the trend, other things equal. Moreover, fear is still the dominant emotion for SOS traders, but it has slightly diminished due to the recent bullish tendency in the price of OpenDAO.
The 50-MA of a 4-hour chart is now below the price of OpenDAO, indicating that the price of SOS could now be bullish in the long run and that SOS may eventually increase in the coming week. Nonetheless, the 20-MA of the 4-hour chart is still above the price, suggesting that the price of SOS could keep declining in the coming days.
The 9-EMA of a 4-hour chart is also currently above the price of SOS< indicating that the price could decline in the shorter run. The EMA line could act as resistance to the price in the coming hours/days.
Relative Strength Index
The RSI of a 4-hour chart recently hit close to 70, but it did not go to the overbought region. Nonetheless, the RSI is at around 50, meaning that the price could go either way at the moment. With a potential breakout on the way, the RSI suggests that there is plenty of room for the price to fluctuate in the short run.
The MACD line of a 4-hour chart is currently intersecting with the signal line, after being momentarily above it and above the baseline. Hence, this bullish momentum might be over, and we could see SOS regain a bearish momentum in the coming days.
The Fibonacci of a 4-hour chart suggests that the price of SOS recently retraced to the 61.8% level, meaning that the price could further increase if it manages to break resistance formed from the upper trendline.
Price Prediction SOS – March 2022
Based on this technical analysis on OpenDao (SOS), the price of SOS is in a crucial position as the price movement in the coming hours may determine how SOS may perform throughout the month. If SOS manages to break our projected resistance structure, then SOS could be aiming for at least $0.000003 in the coming days. With that in mind, if SOS maintains its momentum throughout the month, then we could see the price reach $0.000004.
However, failing to break that structure and failing to find support soon could see SOS continue in this trend. That would eventually lead to a price of less than $0.000001.
Latest News for SOS – Affecting Price
Recent events regarding Russia and Ukraine have largely affected the crypto market, but not limited to. The stock market is also negatively affected. Hence, we could see the market maintain this bearish tendency in the coming weeks until the situation is calmed.
Nonetheless, the OpenDAO ecosystem is continuously looking for ways to keep the FUD away from the SOS community. They have recently created a Mental Health Space for people that need the medium for expressing their thoughts and emotions.
Mental Health Space💫
Given the current situation,we want to get together today and find ways to cope with times of uncertainty & anxiety.
Our speaker is @martyrstx a psychiatrist from Australia with nearly 10 years of experience!
— OpenDAO🆘 (@The_OpenDAO) February 26, 2022
In addition to that, they also launched a motivational podcast, where users can interact with one another as well as with the team. The team may also distribute various rewards to the ones who participate.
🤘🏻So excited to announce that we are starting a motivational podcast 🗣️@The_OpenDAO presents
‘BULLISH SHOW’ 🐂
It will take place every Monday at 12:34PM UTC💥
🧧🍀🤞🏼We are giving away 500$ for randomly selected participant🍀🤞🏼🧧
See you there! 👋🏼 https://t.co/7467G1EvFy
— suchi.eth (@suchme11) February 27, 2022