Optimism (OP) Cracks Double-digit Gains, Can Bulls Breach $1 Mark?

  • OP’s price shows the first sign of bounce after seeing its price bottom at the $0.6 support zone. 
  • OP recovered from its downward trend movement, as the price looks for a break to its downtrend in the region of $1. 
  • As the price falls below the 50 Exponential Movement Average (EMA), OP’s price breaks out from its daily downtrend. This acts as a resistance.

Despite investors and traders expecting October to bring success for cryptos, the price of Optimism has struggled. The price of OP failed to match the recent rally, which saw it rise from $0.5 to $2. As they try to protect their main support areas, the crypto market has seen a slowdown. Data from Binance

Weekly Chart: Price Analysis of Optimism (OP).

Optimism has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of OP hasn’t enjoyed a measure of relief after showing so much strength on the weekly chart rallying from a low of $0.5 to a high of $2.4 with many becoming interested as to what OP will accomplish. 

The price of OP rose to $2.4, which is the highest price it has ever reached. However, there was a lot of downtrend and the weekly low at $0.6 dropped. After this, the price rose to $0.7 where resistance prevented the price from breaking out of this area.

After several trends being rejected, the price of OP rebounded. With most cryptocurrency projects such as OP looking better this week, there could be a rally that reaches $0.9-$1. 

OP’s price needs to maintain this structure as the price heads into the monthly close; if OP continues, we could see a price trend toward $1.

Weekly resistance for the price of OP – $1.

Weekly Support for the price of OP – $0.6.

Price Analysis For OP On the Daily (1D), Chart

Source : OPUSDT on Tradingview.com| Source: OPUSDT On Tradingview.com

OP’s price continues trading below 50 EMA, which is the resistance that the price broke out of the descending triangle. The resistance that prevents OP’s price from rising is $0.9, which corresponds with the 50 EMA.

For the price to rise to $1 it must hold at $0.9 or higher. That is a crucial supply region for many traders. The price of OP could fall below this level and the price may retest support at $0.65.

Daily resistance for the OP price – $0.9-$1.

Daily Support for the OP price – $0.65.

Featured Image from zipmex. Charts From Tradingview

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