Optimism price analysis shows the bear’s dominance on the daily time frame technical chart. The sellers are consistently making short positions to pull the price down. The price halted near the value of $4.175 and resumed the downward momentum on the daily chart.
OP crypto’s price breaks below the key moving averages of 20 and 50 EMA levels. However, in the recent trading sessions, it took a bounce from the 100 EMA level and tried to surpass the 50 EMA level but failed as sellers pulled the price down.
Moreover, if the OP price wants to surpass the upper resistance levels, it needs an influx of buyers to maintain the buying momentum above the key moving averages.
At the writing, the OP price is trading at the level of $3.010 with an intraday dip of 4.66%. The market capitalization of Optimism is 2.88 billion within a 24-hour trading volume of 284.20 Million. Additionally, the current circulating supply of the coin is 957.38 Million.
The performance of the coin has been volatile throughout the year as it gave a negative return of 18.81% year to date. On the other hand, it surged by over 75.39% in the last 6 months and it was down by approximately 18% in the last month. It surged by 6.74% during the last week. The price-performance shows that the fight between the sellers and buyers has been at its peak throughout the year, increasing the volatility in the price
As per the technical summary of the OP crypto is indicating a sell signal as out of 26 analysts, 12 are on the sell side, 9 are on the neutral side, and 5 are on the buying side. However, the maximum weightage is on the sell side. The technical summary demonstrates that bears are dominating the trend and most of the analysts are on the selling side and supporting the bearishness.
Technical Analyses of the Optimism Crypto Price
Optimism price is trading below the key moving averages of 20 and 50 days showcasing bearishness on the daily chart.
The RSI curve is trading below the middle line showcasing bearishness in the price. The momentum is dominated by the sellers as they are making consistent short positions.
The MACD is trading horizontally below the zero line showing neutrality in the price. The red bars on the histograms and the MACD curve are also in the negative zone demonstrating bearishness in the price.
Summary
The Optimism crypto price forecast demonstrates the bearishness in the price and bears are overpowering the bulls on the daily timeframe. The key technical indicators are also pointing towards the bearishness in the price. However, if the price is sustained at the current levels then it might cross the $5 level in the upcoming sessions.
Technical levels
Support Level: $2.642.
Resistance Level: $4.175.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
Source: https://www.thecoinrepublic.com/2024/01/31/optimism-crypto-price-analysis-will-op-price-hit-10-mark/