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- OP crypto price defended the $1.00 support level and broke out the swing high hurdle at $1.200
- Optimism token price has recovered 45% approx from the recent lows at $0.900 and formed a strong bullish weekly candle
Optimism crypto is trading with the strong bullish cues and buyers are attempting to break out of the higher range resistance at $1.400. As per coinglass, In the last 12 hours OP Long and Short ratio stands at 1 which indicates the neutral sentiment between bullish and bearish positions. Currently, OP/USDT is trading at $1.307 with the intraday gains of 3.48% and 24 hour volume to market ratio stood at 0.7542
Will the OP bulls be able to hold the higher levels ?
On a daily time frame, OP crypto prices had been quite volatile and trading in the wide range between $0.800 to $0.1400 with a bullish bias. In November prices attempted to break out of the higher range but unfortunately due to heat waves of FTX collapse, OP token prices triggered a panic sell off and hit a low at $0.761. After a little bit of consolidation at lower levels prices took a U-turn and bulls succeeded to reclaim the $1.00 mark which shows that the responsive buyers are active at lower levels.
Optimism crypto prices have recovered 45% approx from the recent lows at $0.900 and sustained above 50 day EMA(yellow) and 200 day EMA (green) indicating upwards momentum may continue in coming days. However, the higher range at $1.400 will act as an immediate hurdle for bulls followed by the next at $2.000 level.
On a lower side the $1.000 and $0.800 will act as a buying zone if any minor correction triggered from the higher levels. The MACD had generated positive crossover while the histogram bars are on rise indicates the bullishness may continue for some more time whereas the RSI at 78, near to overbought territory denotes prices may cool off from the resistance levels.
Should investors accumulate before the breakout ?
On a lower time frame, OP crypto prices seem to be in the favor of bulls and buyers are aggressively pushing the prices higher with a strong bullish momentum. The supertrend indicator had generated a buy signal indicating the short term trend may remain in the buyers grip and any dips towards $1.000 will provide a buying opportunity for swing traders. However, if prices slipped below $0.800 the recent up move will be treated as trap and bullish traders.
Summary
After analyzing Optimism crypto price with the multiple indicators, the prices seem to be in the favor of bulls and the recent up move looks sustainable. Therefore, aggressive traders might look for buying opportunities for the target of $2.000 and above levels by keeping $1.000 as SL. However, if prices drop below $0.800 all the buying positions must be exited.
Technical levels
Resistance levels : $1.400 and $2.000
Support levels : $1.000 and $0.800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
