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Optimism Crypto Prediction: OP Token is Still in the Consolidation Phase, Will Buyers Have to Wait for Rebound?

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Optimism Price Analysis
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  • The Optimism Crypto is fluctuating under the box pattern lower time frame.
  • The OP token’s price is trading below the significant EMAs in each price chart like 4 hour and above.
  • Trading volume declined by 20% overnight at $95.3 Million. 

Optimism crypto is consolidating under the extreme narrow range, therefore, buyers await a price rebound. Crypto has suffered from the roller-coaster ride since its launch, in fact, buyers are longing to see their tokens in green, because price never moved above its first day high of $2.2. 

Optimism Crypto on 4 Hour chart

Recently, Optimism crypto slipped below the key support level of $1.0. Thus it  has struggled into the narrow box pattern (white) since last week. This box pattern is indicating the sign of an upcoming storm. The range breakout will decide the directional trend ahead, therefore, trading volume is low now. 

The trading volume is low for the past several days, showing low volatility in price. Despite low volume, speculators saw a decline in trading volume by 20% overnight at $95.3 Million. Due to this fact, the OP token’s price is trading below the significant exponential moving averages in each price chart like 4 hour and above.

At press time, Optimism crypto against the USDT pair is trading at $0.90 mark along with 0.77% intraday drop. Meanwhile, altcoin price is observing close to lower-verge of this box pattern and bulls need to accumulate token. Moreover, the Optimum crypto concerning the Bitcoin pair is looking neutral at 0.00004649 satoshis.

In the daily price chart, the RSI indicator is seeming flat at just above the oversold zone. RSI stays at a 70 day lower level, and is likely to move into dipper levels. Similarly, MACD is decreasing lower in the negative region but histogram shows weak downtrend strength for Optimism Crypto. 

Conclusion 

The Optimism Crypto is in a box pattern and traders await for a range breakout at this point. Traditional indicators like RSI and MACD favor bears’ as they show negativity in token. 

Resistance level- $1.0 and $1.5

Support level- $0.85 and $0.7

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen

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