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Highlights
- The intraday trading volume in OP is $279.1 Million, indicating a 40% gain.
- The $2.8 level accompanied by a 200-day EMA slope creates a heavy supply zone for OP buyers.
- The Optimism price potential breakout from the downsloping trendline will signal the end of the correction trend.
Optimism Price Prediction: A majority of major cryptocurrencies have been trading sideways since the completion of the fourth Bitcoin halving on April 19th. Along with the BTC price wavering around $63000, the market participants see no firm initiation from bulls or bears. However, the layer 2 tokens of the Optimism blockchain, OP, have displayed strong buyer commitment as evidenced by the formation of a new higher low on the daily chart. Should you enter the current dip?
Optimism Coin Aims for a Turnaround With a Sharp Intraday Jump
The Optimism coin has been in a marked decline for the past two months, as indicated by a sharp downward trendline on the daily chart. The coin price reverted thrice from this dynamic resistance indicating the traders continue to sell this asset at market bounce, a key sign of an established downtrend.
However, with the recent Bitcoin halving, the OP found suitable around the $2 psychological level to form a local bottom. A positive turnaround from this support has uplifted the asset by 45% within a fortnight to the current trade at $2.63.
With a 12.6% intraday jump, the coin price teases a breakout from the overhead trendline. A daily candle closing above the resistance trendline will signal a change in market dynamics favoring buyers.
The post-breakout rally could surge the Optimism coin to a potential target of $3.4, followed by $4, and $4.78.
On a contrary note, if the supply pressure and a descending trendline persist, the ongoing consolidation may prolong aiming for a breakdown below the $2 support.
Technical Indicator:
- Relative Strength Index: The daily RSI slope heading to the 50% midline indicates the negative market sentiment is improving to neutral.
- Exponential Moving Average: The 20-day EMA slope continues to act as a dynamic resistance to OP price during a bullish bounce and also indicates an accelerated downward trend.
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