OP Technical Analysis Jan 29

Today’s short-term outlook for OP shows dominant bear signals; risk of rapid decline increases if $0.2853 support breaks.

Short-Term Market Outlook

OP is trading at the $0.29 level on the morning of January 29, 2026, following a negative trajectory with a 4.15% decline over the last 24 hours. The intraday range is squeezed in the narrow $0.29-$0.30 band, with volume remaining at a moderate $88.93M. Technical indicators are giving clear bear signals: RSI at 36.63 is approaching oversold territory while selling pressure persists, MACD confirms bearish momentum with a negative histogram. Supertrend is bearish and exerting pressure above the $0.31 resistance line. Price is positioned below EMA20 ($0.30), confirming the short-term downtrend. 9 strong levels detected across 1D/3D/1W timeframes (1D: 2S/3R, 3D: 1S/2R, 1W: 1S/2R), overall trend downtrend. Volatility low over the last 24-48 hours but sudden moves expected due to BTC correlation. News flow calm, keeping technical levels in focus. High-risk day for short-term traders; keep capital management tight, use narrow stop-losses.

Intraday Critical Levels

Nearby Support Zones

Immediate support at $0.2853 (strength score 86/100), a critical pivot and volume accumulation zone on 1D timeframe. If broken, watch $0.2733 (64/100) for quick test, overlapping with 3D support. Deeper drop targets $0.2283. These supports offer quick invalidation points for intraday scalps; if it doesn’t hold above $0.2853, close long positions.

Nearby Resistance Zones

Near resistance starts at $0.2903 (64/100), followed by strong barrier at $0.3048 (78/100) – EMA20 and Supertrend resistance intersect here. Upper level $0.3319 (62/100) represents 1W resistance. These levels ideal for narrow intraday ranges; momentum may increase on $0.2903 break but watch for low-volume tests.

Momentum and Speed Analysis

Short-term momentum bearish: MACD histogram expanding negatively, RSI declining to 36 showing selling speed but short squeeze risk in oversold. Supertrend bearish signal rejected above $0.31, speed indicators (e.g., Stochastic) showing downward divergence. EMA crossovers down on 4H chart, weakness confirmed by declining volume. In 24-48 hour window, watch for $0.2853-$0.2903 breakout for momentum shift; low volatility limits scalp opportunities but quick spikes possible. Risk: False breakouts common, tight stops mandatory.

Short-Term Scenarios

Upside Scenario

Close above $0.2903 and volume-driven attack to $0.3048 activates bullish: Upside target $0.3185 (52 score). Trigger: RSI 40+ rebound and MACD zero line approach. Supportive if BTC breaks $88,686 resistance. Invalidation: Close below $0.2853 invalidates scenario, exit longs. This setup offers 24-hour bounce opportunity for swing traders, 5-8% potential but low probability (30%).

Downside Scenario

Break of $0.2853 and test of $0.2733: Opens path to downside $0.2283. Trigger: MACD new low and volume increase. Accelerates if BTC breaks $87,396 support. Invalidation: Hold above $0.2903. High probability (70%), ideal for scalp shorts but $0.2283 depth risky. 15+% drop possible in 48 hours, watch position sizing.

Bitcoin Correlation

BTC at $88,250 (-0.89%) in downtrend, Supertrend bearish. OP highly correlated with BTC (0.85+%), OP tests $0.2853 if BTC breaks $87,396-$86,606 supports. Watch BTC resistances $88,686-$89,595; BTC bounce triggers OP bounce but rising dominance makes it altcoin-unfriendly. Key BTC levels: Support $87,396 (critical), Resistance $88,686. OP traders prioritize BTC tape.

Daily Summary and Watch Points

– Key watch: $0.2853 support and $0.2903 resistance.
– Momentum shift: RSI 40+ or MACD flip.
– BTC trigger: $87,396 break for OP short, $88,686 break for long bias.
– Risk: High volatility, 1-2% risk/position rule.
– Volume spikes signal scalps.
Short-term trades carry high risk; check detailed data in OP Spot Analysis and OP Futures Analysis. Do not exceed 1% of your capital, avoid emotional trading.