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- 1 OP price chart shows the breakdown of a rising wedge formation.
- 2 Buyers are struggling to cross the 20-day EMA mark, but failed rejection.
The OP price (Optimism) token trades near the 20-day EMA mark and retraced in the last few sessions. However, the token is still holding the gains above the support zone of $3 and could rebound soon. Until the upside of $4.30 is not crossed, selling pressure may continue to be witnessed and the token could also face a selloff. Conversely, until the downside support of $2.90 is not breached, buy-on-dips structure remains valid and the token would hover in range.
At press time, the Optimism token (OP) price was trading at $3.66 with an intraday drop of 1.38%, reflecting neutrality on the charts. It has a monthly return ratio of 1.90% and 65.49% on a yearly basis. The pair of OP/BTC is at 0.0000552 BTC, and the market cap is $784.95 Million. Analysts are neutral and suggest that OP price may face range bound moves and will retest the prompt support zone of $3 soon.
OP Price To Volume Profile Reveal Retracement
This month, the Optimism token delivered a retracement and dropped over by 25% and retested the 50-day EMA mark. The higher high structure is now reverted and a fresh lower high swing was made which indicates that sellers are now entering into the battle and are keen to drag the token below $3 soon. The intraday trading volume dragged over by 40.76% to $219.75 Million, reflecting low investor interest.
The RSI curve stayed close to the midline and is forming a negative divergence signifies retracement on the charts.
Price Volatility and Sentiment Signifies Negative Outlook
Following the price decline, the price volatility also kept on dragging and noted a drop of over 89% to 0.008, signifying low volume selloff. Based on the price action, the buyers may find a way to halt the selloff and rebound. However, the weighted sentiment value stays in the negative region, noting around -0.06.
Social Dominance, Volume AI and Amount Of Holders Analysis
Based on the Social dominance and the social volume AI data, the data shows average movements, revealing growth in the discussions report, the social dominance value noted around 1.694. However, the social volume AI was at 1.26, revealing neutrality. The total amount of holders was delivering a consistent rise and the value rose to 1.62 million.
Development Activity and Total Open Interest OverView
Per the Santiment data, the development activity dropped over 24% to 67.89 signifies a decline in the investor interest, whereas the derivative data signifies short buildup activity. The open interest increased over 1.89% to $229.37 Million and sellers are keen to push the OP token below $3 in the upcoming sessions.
Summary
The OP token price slips below the trendline zone of $3.80 and is hovering near the 20-day EMA support mark. The trend is intact and the token may gain strength soon, but need to cross the round mark of $4 to retain bullish momentum.
Technical Levels
Support Levels: $3.50 and $3.20
Resistance Levels: $4 and $4.30
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
