Optimism Price Prediction: Will OP Rebound From Here?

• Optimism (OP) is currently trading at $1.28.
• Optimism (OP)’s live market cap is $828,821,537.
• Optimism (OP)’s 24-hour volume is $98,613,089 which rises by -11.36% in 24 hours.

OP (Optimism) is a cryptocurrency. It is rather Optimistic Ethereum, a layer-2 scaling solution for Ethereum. It attempts to improve the scalability and high transaction costs of the Ethereum blockchain by utilizing a process known as Optimistic Rollups.

Optimistic Ethereum uses a sidechain structure in which numerous transactions are combined into a single batch, and then a consolidated proof of those transactions is submitted to the Ethereum Mainnet. This solution allows for quicker and less expensive transactions while making use of the Ethereum network’s security and decentralization.

Trend Analysis

As per the analysis, the price of Optimism is in a downtrend and forming a negative market structure. Since February 2023, the optimistic price estimate has steadily declined, reaching a significant reduction of about 79% in just four months’ time, it is the biggest fall faced by this cryptocurrency

 It is now trading below the EMA levels and close to the resistance level from the previous two weeks, suggesting that more negative action is extremely possible. However, if the price manages to break through the resistance level, a trend reversal is possible.

In the previous three weeks, the price of optimism has regained roughly 33%, indicating a buildup of positive momentum. However, it is not advised to jump into the optimism just yet. 

Optimism (OP) Price Prediction

EMA

In the weekly time frame, the optimism price prediction is trading below the 20-day and 50-day exponential moving averages, indicating a bearish trend. Bullish momentum and buy-side investor mood are influenced by optimism (OP).

MACD

Based on the most recent data, the MACD line for the  Optimism price forecast in the daily period is presently below the signal line. This bearish crossover implies that selling pressure may win over purchasing pressure in the short term. It shows that optimism may be on the decline soon, and the overall trend is negative.

Conclusion

In conclusion, Optimism’s (OP) price prediction shows a bearish trend, which is supported by the price’s negative overall structure and movement below the barrier level. Indicators such as MACD and EMA are also sending out a bearish signal, adding to the market’s already dismal mood.

Technical Levels

Support – The current support position of Optimism (OP) is at $0.69490399.

Resistance -The current resistance position of the Optimism (OP) is $1.49790734.

Disclaimer

The thoughts and opinions expressed by the author or anyone else named in this article are solely for informational purposes. They don’t offer any advice of any kind, be it financial, investment, or otherwise. The possibility of losing money exists when buying, selling, or investing in cryptocurrencies.