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- 1 OP is under bullish dominance the coin seems to move on a declining trend.
- 2 The OP has hiked by 1.20% during the last intraday trading session and is currently trading at $2.46.
- 3 The pair of OP/BTC is at 0.0001094 BTC and has grown by 0.65%.
Optimism has gained some upward momentum over the daily price chart. And the OP’s market trend is bullish and it seems that it may get influenced by the bears. The bears are trying to get into the trade. The bears may take over the market of OP.
The current price of Optimism is $2.46 and has hiked by 1.20%. The bullish trend is getting weaker and the coin is moving closer to the bearish trend. The OP had a lot of ups and downs but the bears are forced to move towards the downward curve which may result in the coin reaching the primary support of $2.197 and it may reach up to the secondary support of $1.658.
If the bullish dominance persists then the price could continue on the upward trend and the price of the coin may hike up to the primary resistance of $2.841 and it could breach up to the secondary resistance of $3.097. The bull has targeted the OP from the start of 2023 since then the bears are trying to manipulate the market trend of OP.
The buyers seem to actively trade OP resulting in an increase in the volume of the coin. The current volume of the coin has increased by 32.11% during the last intraday trading session. The Price of the op is trading above the 20,50,100 Days of Exponential Moving Average and is still lagging behind the 200 Days of Daily Moving Average.
The Technical Analysis of OP
The technical indicators show that: The RSI seems to be returning from the oversold zone. The RSI is approaching neutrality which could be positive news for investors. The bears interfering may cause RSI to rebound to the oversold zone. The MACD and MACD signal have collapsed giving a negative crossover. The Buyers should put some more effort to bring upward momentum to the coin.
Conclusion
The current market trend of the OP is bullish, the bears are also trying to trade. The bears are failing to influence the market of Optimism. The bull has targeted the OP from the start of 2023 since then the bears are trying to manipulate the market trend of OP. The OP has hiked by 1.20% during the last intraday trading session and is currently trading at $2.46.
And it appears that the bing is getting stronger resulting in the increase of the volume.
Technical Levels
Support Levels: $2.197 & $1.658
Resistance Levels: $2.841 & $3.097
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. 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.
