Optimism price is facing a mild profit booking on the daily time frame. However, buyers are accumulating the stocks at the level of $3.200 to $3.500. Moreover, the price faces multiple rejections from the level of $4.175.
Furthermore, on the daily charts price action demonstrates a bounce back after this mild correction. As per the technicals of the trading view, the overall weightage of the indicators on the buying side. Out of the 26 indicators, 11 are on the Buy side, 9 are on the neutral and 6 are on the sell side.
Optimism showed a strong chart structure in the previous trading months. The price was trading above the key moving averages and reflected the buyers’ power.
The OP crypto was trading at $3.536 at the time of writing with a slight drop of 1.78% for the day, showing neutrality in the last trading session. The trading volume for the day was 262.106 Million. Optimism crypto’s market cap was $3.382 Billion. The crypto displayed the bulls’ strength and maintained the gains leading the way to upper levels.
On the daily charts, Optimism crypto stayed on the top, near the supply zone, holding the gains convincingly. Buyers have an edge and have dominated the past few months despite a little weakness in recent times. Moreover, the price persisted in forming higher highs, and sellers were trapped during the rebound.
Technical Evaluation of the Optimism Crypto Price in 1-D Timeframe
Currently, Optimism crypto (USD: OP) is trading above the 50-day and 200-day DMAs (Daily moving averages), which are supporting the price momentum.
The MACD line at 0.176, and the signal line at 0.244 are above the zero line. A bearish crossover is observed in the MACD indicator, which signals weakness in the momentum of the OP crypto price.
The current value of RSI is 52.88 points. The 14 SMA is above the median line at 56.34 points, which indicates that the Optimism crypto is bullish.
Summary
The Optimism price is facing a mild weakness after a remarkable performance on the daily chart. However, the price action demonstrates a bullish momentum in the long term. The key indicators like MACD, RSI, and EMAs are pointing towards a short weakness. The price is bullish in the long term. If the bulls keep supporting the price, it might reach the level of $10 in the upcoming future.
Technical Levels
Support Level: The nearest support level for the Optimism crypto price is $3.031.
Resistance levels: The nearest resistance level for the OP crypto price is $4.175.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2024/01/17/optimism-price-prediction-will-op-price-reach-to-the-10-level/