- The current price of Optimism is $2.22 with a drop of 5.77 % during the last intraday trading session.
- The pair of OP/ BTC is currently at 0.000073.98 BTC with a drop of 5.40% during the last 24 hours.
- The Optimism price is below the 20,50 days of EMA, and is lagging behind 100, 200 days DMA.
Optimism seems to have a volatile market as both bulls and bears are trying to make a grip on the token. OP might follow the bearish trend the bulls are trying to get in trade but the bears are creating such circumstances it is getting difficult for the token to follow the upward trend. The buyers are trying hard to give OP upward momentum.
The current price of Optimism is $2.22 with a drop of 5.57% during the last intraday trading session. The bears are trying so hard to raise the selling pressure over the coin so it could not get up to the marks of the bulls. The sellers want to give a downward trend to the OP but the buyers are giving them a tough fight. The price of the OP might reach the primary support of $1.85 and it may drop up to the secondary support of $0.75. However, the bulls are trying hard to enter the market if they succeed the price may reach the primary resistance of $2.74 and it could climb up to the secondary resistance of $3.13.
The volume of the Optimism has inclined by 9.14% indicating the buyers attempt to get in the trade. The incline in volume clearly shows that the selling pressure is decreasing. The volume-to-market cap ratio is 0.1734. The investors have to keep a watch on OP for any directional change over the daily price chart.
The Technical Analysis of Optimism
The technical indicator shows the following: The Relative Strength Index of the OP has been dragged towards the oversold zone from the neutrality. The RSI might move towards the oversold zone if the bulls make effort the RSI may reverse to the overbought zone. The current value of RSI is 45.54 and f the average RSI is 46.90. The Optimism price is below the 20,50 days of EMA. And is lagging behind 100,200 days DMA. The MACD and MACD signal have intersected giving a positive crossover.
Conclusion
The current market trend of Optimism suggests that the bulls and bears are struggling to control the market, resulting in a volatile market. While the sellers are trying to push the price down, the buyers are attempting to get into the trade, indicating a decrease in selling pressure. The technical indicators suggest that the Relative Strength Index is currently in an oversold zone, and the MACD and MACD signals have intersected, indicating a positive crossover.
Technical Levels
Support Levels: $1.85 and $0.75
Resistance Levels: $2.74 and $3.13
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. 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/2023/04/12/optimism-price-prediction-bulls-and-bears-struggle-to-control-the-market/