Price Analysis

Optimism Price Forecast: Is $OP Ready to Hit $4?

Optimism Price Prediction: The renewed recovery sentiment in OP price hints at a breakout from the key month resistance, Enter now?
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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?

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Optimism Coin Aims for a Turnaround With a Sharp Intraday Jump

OP price

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.

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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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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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