The Optimism price analysis is bullish for today as the cryptocurrency is in bullish form yet, and bulls have successfully increased the price further. However, OP/USD has met resistance at $2.13, and the price has decreased to $2.09 at the moment; the price also swang high towards $2.21 for a moment which reversed shortly; nevertheless, the price is still at an all-time high level.
Despite the fact that the price has decreased recently, the trend for the day is still bullish, and the price is on the increasing side. There are eminent chances for the bulls to return and take the lead back after a few hours, in which case a further increase in coin value can be observed in the coming time.
OP/USD 1-day price chart: OP crosses above the psychological mark of $2
The one-day Optimism price analysis is going positive for the cryptocurrency as there has been a considerable amount of increase in the price value. The price has moved on to the all-time high level and is currently trading at $2.09 as bulls have shown remarkable performance. The cryptocurrency has gained 24.48 percent value during the last 24 hours, which is a huge achievement for buyers. The trading volume has increased by 83.18 percent, amounting to 808 million, and the cryptocurrency is currently ranked 82 with a market dominance of 0.05 percent.
The moving average (MA) for the 1-day chart is at $1.66, which is higher than the SMA 50 curve as the coin has been highly bullish since 18 July 2022. At the same time, the Bollinger bands are making an average of $1.16 in the 1-day OP/USD price chart.
The Bollinger bands are showing high volatility for OP price function as the indicator has been expanding vastly since 28 July 2022, with its upper band reaching $2.16 representing the strongest resistance and the lower band reaching the $0.17 level representing the strongest support. The Relative Strength Index (RSI) curve is also taking a turn in the overbought region at index 76. Looking at the past trends of RSI, the correction can last for two to three days before the coin starts moving upwards again.
The Optimism price analysis: Recent developments and further technical indications
The 4-hour Optimism price analysis chart shows the price is at the higher level, but the coin has met resistance already as the price has been decreasing during the last few hours as it touched down at $2.09 just recently.
The moving average is at the $1.84 level for the 4-hour price chart as the bulls have gained the advantage of the situation as they have been able to take the price to an all-time high of $2.21. The Bollinger bands indicator shows the following values; the upper value is $2.09, just below the current price, and the lower value is $1.25, showing a broader range for price fluctuations. The RSI score has also decreased a bit as the curve of the indicator is headed downwards and moving towards the border of the neutral zone at index 70, hinting at the selling pressure in the market.
As the price has rallied high towards an all-time high today, the technical indicators chart is giving out a strong buying signal as well. There are 13 indicators fixed under the buying position, with eight indicators on the neutral and only one on the selling points. Overall the technical indicators are strictly favouring the bullish side as a whole.
The Optimism price analysis: Conclusion
The Optimism price analysis suggests the trend for OP/USD is bullish for the day as the bulls are trying to discover new grounds. The cryptocurrency’s performance has been good for the last two weeks, as the price has heightened to the $2.09 position. The selling pressure is quite high at this level, but if buyers rush back, the price can increase further in the coming hours. On the other hand, if the selling pressure continues, then the correction period can also elongate for a few days before the coin starts moving up again.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/optimism-price-analysis-2022-08-04/