Optimism price prediction OP, shows a challenging situation as it struggles to make substantial gains from its current level. OP crypto has been caught in a consolidation phase, remaining stuck after a decline from the $1.44 mark. While there’s potential for a rebound, trading volume was below average, indicating a prolonged consolidation period.
For Optimism price to reverse its current downtrend within the horizontal range-bound area on the daily chart, it needs more buyers. The ongoing battle between bulls and bears has hindered OP’s ability to maintain a consistent upward momentum. To kickstart a recovery phase, it’s crucial for buyers to step in and support OP cryptocurrency.
Optimism price was at $1.203 and lost 0.33% of its market capitalization during the day trading session. Trading volume decreased by 16.80% during the intraday trading session. This demonstrates that sellers are still trying to pull OP below the lower price range of the consolidation phase. The volume to market cap ratio was 5.29%.
Will Optimism Price Recover From the Lowest Level?
Optimism price prediction indicates the slippage of OP crypto towards the lower price range of the consolidation phase. Meanwhile, buyers need to accumulate at a higher rate in order to push OP upwards. However, volume change is below average and needs to grow in favor of buyers. Meanwhile, OP crypto declined below 20, 50, 100 and 200-days daily moving averages.
Optimism cryptocurrency, represented by OP, experienced a 7.67% decline in the past week and a 10.95% drop over the last month. Looking further back, OP crypto decreased by 17.55% over the last three months and experienced a substantial 55.33% decline in the previous six months. However, despite these fluctuations, Optimism’s cryptocurrency managed to secure a year-to-date gain of 31.19%.
Technical indicators indicate that Optimism’s price is currently in a downtrend. Relative strength index (RSI) reflects the declining performance of OP cryptocurrency, with an RSI value of 36. It is heading towards the oversold territory, suggesting a bearish sentiment in the market. Investors in Optimism cryptocurrency should closely monitor the situation and look for potential directional changes on the daily time frame chart.
Summary
Optimism price prediction OP, shows a challenging situation as it struggles to make substantial gains from its current level. For Optimism crypto price to reverse its current downtrend within the horizontal range-bound area on the daily chart, it needs to attract more buyers. However, volume change can be seen below average and needs to grow in favor of buyers. However, despite these fluctuations, Optimism’s cryptocurrency managed to secure a year-to-date gain of 31.19%. Technical indicators indicate that Optimism’s price is currently in a downtrend.
Technical Levels
Support Levels: $1.189 and $1.160
Resistance Levels: $1.254 and $1.350
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/14/optimism-price-prediction-op-crypto-inside-an-interesting-range/