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

After seeing its value drop from $2.5, the price of Optimism has been struggling against USDT (USDT). 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 replicating the bullish rally that saw it rise to $2.5 over recent months, as it rallied in good bullish sentiment. 

OP’s price has fallen from $2.5 an all-time record, but it is still struggling to keep its feet on the ground. The current low at $1 was reached after OP fell from $2.5. 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 and continue to trend higher.

The resistance to OP’s price is at $2. If OP moves this area, then we might see OP going up to $2.5 or even higher.

If the price of OP continues to show a bullish bias, it has a greater chance of reaching $2 or going higher with strong buy volume.

Weekly resistance for the price of OP – $2.

Weekly support for the price of OP – $1.

Price Analysis of OP On the Daily (1D) Chart

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

OP had its price rejected starting at $2.5; it dropped to a low point of $1 after support was given to keep away from sell orders.

The price of OP rose from $1.01 to $1.2, but it was met with resistance. Prices continued to fluctuate between $1.2 and $1.3. 

The bullish symmetric triangle formed by OP price broke out. Prices could range from $1.5 to $22. If the close of OP is above $1.25, it could lead to a rally higher for those who have seen bullish trends.

The price for OP traded at $1.28 trying to hold and break the 50 Exponential moving averages (EMA) over the daily timeframe. The 50 EMA acts as resistance and the price of OP is at $01.2.

OP has to surpass the Fibonacci retracement of 23.1% value that serves as resistance. If OP breaches and closes higher than this area, 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).

Four-Hourly Price Chart for OP Prices | Source: OPUSDT On Tradingview.com

After breaking out from a symmetric triangle of bullish signals, the price of OP continues to be bullish in the 4-H timeframe. A retest above 200 EMA could also 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