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- 1 The OP token price signified bullish momentum and reverted from the 200-day EMA mark.
- 2 Buyers have showcased their dominance and intend for a reversal..
The OP token price signified a notable bounce of over 13% in the last three trading sessions and held the 200-day EMA mark. For the past weeks, the sellers persisted in showcasing their presence, leading to a drop of over 35% in the last month. However, the trend is neutral, and the buyers are making efforts to regain momentum and are eyeing to sustain the prompt hurdle of $3.50.
At press time, the Optimism token (OP) price traded at $3.25 with an intraday gain of 8.78%, reflecting neutrality on the charts. It has a monthly return ratio of -24.30% and 86.89% on a yearly basis. The pair of OP/BTC is at 0.0000453 BTC, and the market cap is $698.13 Million. Analysts are neutral and suggest that the OP token may attain momentum and will retest the trendline of $4 soon.
OP Price Volume Profile Analysis on a Daily Timeframe
The above data showcases the price-to-volume profile of the Optimism token, revealing the retracement and a trendline breakdown from the past sessions. However, the monthly trading volume dropped over 90% and dragged to $276.04 million, which signifies average investor interest.
Price Volatility and Weighted Sentiment Outlook
Following the price rebound, the price volatility showcased a spike and surged over 3.89% to 0.017, noting a rise in the investor interest. However, the weighted sentiment value remained in the negative region, close to -0.848, replicating a negative outlook.
Social Dominance and Social Volume AI Insights
The Social dominance data noted a decline of over 7.76% and fell to 1.372%, revealing a decrease in the media discussion reports. However, the social volume (AI) noted a surge and jumped to 1.262.
Development Activity and Open Interest (OI) Analysis
Per the charts, the development activity data showcased a consistent up move and spiked to 452; a positive speculation was noted. Similarly, the derivative data witnessed a long buildup activity, and the open interest jumped over 3.46% to $205 million.
Per the Fib levels, the OP price has taken support on its 23.6% zone and is delivering a rebound this week. The RSI curve showcased a positive crossover and stayed near the midline around 40.
The total supply of the Optimism token is 4.29 billion, whereas the volume-to-market cap ratio is 0.385, and it ranked 142 in terms of market cap in the global crypto market.
Summary
The Optimism token price showcased a rising wedge breakdown and has slipped to the 200-day EMA mark, directing retracement. However, the token has not yet breached the 200-day EMA and held the $3 mark, and buyers intend for a reversal ahead.
Technical Levels
Support Levels: $3 and $2.50
Resistance Levels: $3.60 and $4.00
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.
