Optimism Price Forecast: Is $OP Ready to Hit $4?

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As a crypto investor, I’ve noticed that Optimism’s coin (OP) has been on a downtrend for the past two months. The daily chart shows a clear decline with OP repeatedly reversing from a sharp downward trendline. However, following the Bitcoin halving on April 19th, OP found support around $2 and managed to bounce back by 45% within two weeks.

The Price Prediction for Optimistic Cryptocurrencies: Following the fourth Bitcoin halving on April 19th, most major cryptocurrencies have been trading in a holding pattern. With Bitcoin’s price hovering around $63,000, there’s no clear sign from either bulls or bears to initiate a trend. In contrast, tokens on the Optimism blockchain, specifically OP, have shown robust buying interest, as indicated by the creation of a new higher low on the daily chart. Should you consider purchasing during this dip?

Optimism Coin Aims for a Turnaround With a Sharp Intraday Jump

Optimism Price Forecast: Is $OP Ready to Hit $4?

Over the last two months, the Optimism coin has experienced a significant decrease, evident in the dropping trendline visible on its daily price chart. The coin’s value has bounced back three times during this period, only to be sold off once again by traders, which is a strong indicator of an established bearish trend.

I’ve analyzed the situation and found that after the latest Bitcoin halving, the price dipped around the $2 mark, creating a potential local bottom for me. Following this support, Bitcoin experienced a notable surge of approximately 45% within just two weeks, bringing its current trade to $2.63.

The coin’s price experienced a notable increase of 12.6% intraday, hinting at a potential breakthrough over the existing trendline. Should the price close above this resistance during the daily trading session, it would indicate a shift in market conditions, becoming more favorable for buyers.

After a significant price increase, or “breakout,” the value of Optimism coin might continue climbing, potentially reaching $3.4 first. Subsequently, it could aim for $4, and later possibly peak at $4.78.

If the supply pressure continues and the downward trendline prevails, the current consolidation could last longer and result in a breakdown beneath the $2 support level.

Technical Indicator:  

    Relative Strength Index: The daily RSI slope heading to the 50% midline indicates the negative market sentiment is improving to neutral.
    Exponential Moving Average: The 20-day EMA slope continues to act as a dynamic resistance to OP price during a bullish bounce and also indicates an accelerated downward trend.

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2024-04-27 23:43