- Optimism token price shot up 136% on the monthly basis and formed a giant bullish candle
- Optimism token price hits all time high at $2.816
- Technical indicators of OP/USDT is highly bullish and price sustained above the 50 and 200 day EMA
The Optimism token price is trading with bullish cues and bulls are trying to continue the upward momentum to show its dominance near to the all time high levels. Currently, The pair of OP/USDT is trading at $2.732 with an intraday gains of 0.26% and the 24-hour volume to market cap ratio stood at 0.9082
Will the Optimism bulls continue the momentum ?
On a daily time frame, Optimism crypto price is highly bullish and rising upward by forming higher high swings. Recently, OP prices had breakout of the $2.00 hurdle level which has triggered the positive momentum and prices shot up 45% in the short span of time and also hit an all time high at $2.816.
Meanwhile, The OP token bulls has succeeded in keeping the price above the 50 and 200 day EMA which indicates that the positional trend is in the favor of bulls and prices are likely to trade with bullish bias in the coming months.The volume bars also surges to the highest level which shows that some genuine buyers taken long positions and expecting more upward movement. However, the bulls should remain careful because prices are near to all time high and might face rejection from the $3.000 mark.
The technical indicators of the Optimism token has turned bullish and if the market sentiment remains positive then the probability of the continuing the upside movement increases in the favor of bulls and investors may look for the buy on dips opportunities by keeping a small stop loss below the support levels. On the lower side, if any correction triggers from the supply zone then $1.925 and $1.406 will act as support levels for the bulls. The MACD had generated a positive crossover indicating the bullishness in the prices and the RSI at 70 near to the overbought zone.
Summary
The Optimism price is hitting the all time highs which shows that the aggressive bulls are confident about their bet and expecting more upward momentum in coming days. However, the prices are near to the all time high and prices might enter into short term consolidation before deciding the further direction. Therefore, Traders may look for buying opportunities near to the day 50 day EMA retracement for getting the better risk reward ratio by keeping the $1.000 mark as SL.
Technical levels
Resistance levels : $3.000 and $3.500
Support levels : $1.925 and $1.406
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 assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/02/optimism-op-price-prediction-op-token-price-hits-new-all-time-high-more-rally-possible/