OpenDAO Price Prediction as SOS Sees 65% Intra-day Reversal

On Dec 20, 2022

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Despite a lack of obvious fundamental catalysts, OpenDAO’s SOS token has seen extraordinary volatility over the last few days. The token, which OpenDAO calls “the token of the metaverse”, is currently up over 90% versus its levels this time last week, an impressive rally. But that masks a huge intra-day reversal in SOS’s price seen on Tuesday.

SOS/USDT, currently changing hands at around $0.0000002 at one point flew as high as the $0.0000006 level. That means that, while up over 90% versus seven days ago, SOS has seen a 60% pullback from earlier session highs. According to CoinMarketCap, SOS has a market capitalization of around $21.5 million. While its normal for coin’s this small to be volatile, intra-day swings such as this most certainly are not normal.

SOS sees 65% intra-day swing. Source: TradingView

Price Prediction – Where Next for SOS?

The recent rapid push higher in SOS has resulted in breakouts above a few key technical levels. Firstly, a few days ago SOS/USDT broke above a downtrend that had been capping the price action going all the way back to May. Its no wonder then that bullish momentum built up over the course of the next few days.

This bullish momentum on Tuesday sent SOS/USDT scortching above resistance in the $0.0000002 area, which now appears to be acting as support. The only concerning thing is that SOS failed to hold above its 200-Day Moving Average at $0.000000256 and is looking very over-bought, according to the 14-day Relative Strength Index (RSI), with a current RSI score of 84.5.

OpenDAO — SOS has broken key resistance levels. Source: TradingView

Needless to say, the technical picture has substantially improved for SOS in the short-run. Further rallies of the velocity of that seen on Tuesday are not to be expected. But the bulls will be hoping that SOS can claw its way back to Tuesday’s highs in the $0.0000006 area over the coming weeks, which would mark a more than 180% gain from current levels.

Altcoins Offering Quicker Returns

Major cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.

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Calvaria (RIA) – Final Presale Stage Now

Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.

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FightOut (FGHT) – Newest Move to Earn Project