Optimism (OP) Flashes Double-digit Gains, Can Bulls Push Price To $2?

In recent weeks, the price for Optimism’s (OP) struggled to beat USDT (USDT), after its $2.5 price drop. Bitcoin’s (BTC) price showed some great strength bouncing off from a low of $18,500 to a high of $21,000. The movement also affected altcoins, as many cryptocurrencies have double-digit gains. This includes Optimism. Data from Binance

Weekly Chart Optimism Price Analysis 

The price of OP is having difficulty recapping its bullish rally that saw it rise to $2.5 over the past months, as it rallied in good bullish sentiment. 

OP’s price has fallen from an all-time record high of $2.5 to a new low of $1. The OP price is stable at $1, which seems to be an area of potential interest for investors and buyers.

The price of OP ended the week at a record high, with the outlook for the next week being more bullish. This shows that the price could reach the $2 mark again, but it may face resistance as it continues to trend higher.

The price for OP has been in resistance since it was $2. However, if OP prices flip this region, the price could rise to $2.5 or higher.

If the price OP maintains its bullish bias, then the price will have a higher chance to break past $2.

Weekly resistance for the price of OP – $2.

Weekly support for the price of OP – $1.

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

Daily OP Price Chart | Source: OPUSDT On Tradingview.com

OP’s price was rejected at $2.5 after it fell to a low price of $1. OP recovered from this rejection with support from the form to delay sell orders.

The price of OP rose from $1.01 to $1.2. It faced resistance because prices varied between $1.2 and $1.3. 

The price of OP formed a bullish symmetrical triangle and it broke out with strong bias. It could rise to $1.5-$2. After showing bullish moves, a close OP of $1.25 may see the price rise higher.

The price of OP is trading at $1.28. It is trying to hold and break the 50 Exponentially Moving Averages (EMAs) daily. The 50 EMA acts as resistance and the price of OP is at $1.2

OP must break the 23.1% Fibonacci retracement level that acts as resistance to the price. If OP breaches and closes higher than this region, the price could rise to $1,5.

Daily resistance for the OP price – $1.5-$2.

Daily support for the OP price – $1.2-$1.

OP Price Analysis on The Four-Hourly Chart (4H).

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

The price for OP continued to look bullish in the fourth quarter after it broke out from a symmetric triangle with bullish indicators; a retest of the 200 EMA bullish sign could be possible. 

The OP price traded above 50 EMA and 200 EMA. Support areas were $1.1 and $1.22, respectively.

Relative Strength Index (RSI), for OP, is shown below 60 on the 4H Chart. This means that there has been a lot of buy orders for OP.

Four-Hourly resistance for the OP price – $1.5.

Four-Hourly support for the OP price – $1.2.

A Featured image from Coinx3, charts From 

Get more Crypto News at CFX Magazine