Optimism Price Forecast: Is $OP Ready to Hit $4?
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.
Related Articles
Recent Posts
- Price Analysis
Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
Dogecoin price has crashed in the past few weeks as it moved into a bear…
- Price Analysis
Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
The Solana price has regained stability above $180 after several volatile weeks. SOL price continues…
- Price Analysis
Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
Ethereum price is gaining renewed attention as analysts highlight what they call the “perfect time…
- Price Analysis
BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
BNB price is showing renewed strength as it attempts to reclaim higher ground toward the…
- Price Analysis
XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
XRP price remains under intense pressure as woes in the crypto market industry continue. Ripple…
- Price Analysis
Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
The Chainlink price recently rebounded sharply from the $16 demand zone, an area that has…