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- 1 Optimism Price Prediction (COINBASE: OP) shows the price might be on the verge of giving a breakout soon.
- 2 The Optimism coin price increased by 2.48% over the past week.
- 3 At press time, Optimism is trading at $1.525, and the 52-week price range is $0.881 – $2.975.
Optimism coin (OP) has the trait of having a positive outlook and expecting favorable outcomes. It is also a conviction that good things outweigh bad things in life. Optimism can benefit one’s mental, physical, and emotional health.
The maximum M.C. of Optimism coin (OP) is $6,558,501,839, assuming that all 4.3 Billion OP tokens are available today. This is a hypothetical calculation of the full potential value of OP tokens. According to Coingecko, a website that provides crypto data and information, the actual market cap of OP tokens may depend on how they are distributed over time.
Optimism crypto plummeted 1.79% in market value and surged by 100.12% of trading volume in the last 24 hours, per Coinmarketcap which is a crypto data and info website. Its market value is $1,040,280,390 and its trading volume is $183,236,528. There are 679,080,066 OP in circulation.
Optimism coin (OP) open interest is $150.19 Million, as per Coinglass, which is a crypto analysis website, it fell by 9.16% in the previous session. The long versus short ratio for 24 hours is 0.9782. The total number of short positions added in the last 24 hours is $454.11 K against longs of $1.36 Million.
Moreover, the Optimism coin showed good performance this month, as it was up by 10.31% but fell by 23.50% in the past six months, showing underperformance. Also, the year-to-date return of OP price is positive with a 66.85% incline.
Optimism Price Technical Analysis in 1-D Timeframe
The Optimism coin price (COINBASE: OP) dropped from a high of around $2.80 by forming lower lows and lower highs and reached the support level of $1.061, where it bounced back.
At the time of writing, the OP Price is trading at $1.161, and on the one-day chart, it seems that Optimism crypto is creating a bullish pattern known as an inverted head and shoulder. It is also observed that the Optimism coin price is expected to break out from $1.648, which is the neckline of the pattern and also a support level.
Therefore, if the OP price holds above the current level, then it could rise and reach the first and second targets at $1.632 and $1.873 respectively. However, if the OP price faces rejection from the current level and falls, then it could reach the nearest support levels at $1.161 and $0.961 respectively.
Optimism crypto price (OP) is above the 20, and 50-day EMA’s (exponential moving average). The EMA is acting as support, pushing the price trend up. Therefore, Optimism Price Prediction suggests that the coin price could spike if the buyers accumulate more.
The MACD line at 0.070 and the signal line at 0.049 are above the zero line and both lines have narrowed and a bullish crossover is anticipated next in the MACD oscillator. The current value of the RSI is 60.69 points, and the 14 SMA is at 59.88 points, the RSI line took support and headed for the overbought zone. Hence, the Optimism Price Prediction suggests the coin price is bullish.
Conclusion
The Optimism coin chart shows investors are bullish regarding the coin on the 1-D time frame. The price action shows a bullish outlook at the time of publishing. Technical parameters of Optimism coin price (COINBASE: OP) also support the bullish trend. The major indicators are giving positive signals and imply that the uptrend may continue. Hence, as per Optimism Price Prediction, the coin is bullish.
Technical Levels:
- Support levels: The nearest support levels are $1.161 and $0.961.
- Resistance levels: The nearest resistance levels are $1.632 and $1.873.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
