Optimism Price Analysis: OP Started Consolidating below the Prior Range at the Lower Levels!

Optimism price has been consolidating below the prior range and waits to overcome the barriers.
OP crypto is trading below 20, 50, and 100-days Daily Moving Average.
The pair of OP/BTC is at 0.00004707 BTC with an intraday gain of 2.19%.

Despite the bulls’ best efforts, the price of Optimism Crypto appears to be falling swiftly below the bottom range of the consolidation period. Before moving on to the next level, the OP must establish bullish support. After a wild roller coaster ride, the daily price chart for OP settled below $1.00. OP is resisting pressure from short sellers while searching for support at the mid range. In an effort to drive down the price of the token, OP bears are shorting the market. However, in order to capture the breakout and recovery stages of the OP cryptocurrency, a spike in the direction of the higher trendline is required.

Optimism’s market value is currently $0.9116, up 1.60% from the day before. During the intraday trading session, there were 5.50% more transactions. Therefore, as bears approach for a downturn during intraday trading, the rate of accumulation should be accelerated. The volume to market cap ratio is 0.3712.

The OP coin price needs to attract more buyers in order to move more swiftly toward the upper trendline of the horizontal range-bound area over the daily price chart. The token needs to draw hordes of customers in order to break the pattern. However, the token is currently falling over the daily chart. Volume change needs to be higher; it is now too low. As a result, the OP currency will grow significantly.

When will OP Break Out for its Recovery?

Despite efforts to find buyers, the price of the OP currency has remained in the horizontal range-bound region, suggesting that bears now seem to be in control of the token. Technical indicators suggest that the OP currency is moving sideways.

The OP coin’s sideways motion is visible in the relative strength index. The RSI is constant at 38, which is below neutrality. The momentum of the OP coin may be witnessed during its consolidation phase on MACD. A negative crossing occurs when the MACD line crosses the downward-pointing signal line. Investors in OP should hold off until bulls maintain their position at the lower trendline of the consolidation phase.

Conclusion

Despite the bulls’ best efforts, the price of Optimism Crypto appears to be falling swiftly below the bottom range of the consolidation period. Before moving on to the next level, the OP must establish bullish support. After a wild roller coaster ride, the daily price chart for OP settled below $1.00. OP is resisting pressure from short sellers while searching for support at the mid range. In an effort to drive down the price of the token, OP bears are shorting the market. However, the token is currently falling over the daily chart. Volume change needs to be higher; it is now too low. As a result, the OP currency will grow significantly. Technical indicators suggest that the OP currency is moving sideways.

Technical Levels

Support Level: $0.85 and $0.80

Resistance Level: $1.00 and $1.15

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.