- The Optimism coin price declined over -50% in the last six months.
- The Optimism coin has an average trading volume of 114.5K.
- The bearish sentiment has increased by 22% for the OP coin.
Optimism (OP) operates as a layer-two blockchain built atop the Ethereum network. Leveraging the security of the Ethereum mainnet, Optimism employs optimistic rollups to enhance the scalability of the Ethereum ecosystem.
The OP coin currently exhibits a downward motion, with its price chart reflecting a formation of lower lows. This trend is indicative of a robust bearish trend.
Financial Data of Optimism (OP)
The current trading value for the OP coin is $1.20, reflecting a 0.6% increase in today’s market session. Typically, the coin sees an average trading volume of $114K and it has a total circulating supply of 880 million coins.
The Open Interest (OI) for Optimism coin is recorded at $82.19 million, with a recent 2.99% decline within the past 24 hours. This decline signifies increased selling activity, as new positions are being established. Consequently, this trend may lead to a reduction in the OP coin’s price.
According to LunarCrush, the overall bearish sentiment surrounding the Optimism coin has shown a notable decrease of approximately 22%. While this signals a lower likelihood of bearish sentiment, it is important to note that it remains a concerning factor.
Over the previous period, the coin experienced a negative return of nearly -50%. This past performance indicates the historical underperformance of the coin, which negatively impacts its reputation.
The all-time high for the OP coin was achieved at $4.57 on May 31, 2022. Subsequently, the coin saw a decline of over 71%. Despite finding support at the $1.05 level and attempting a recovery, the price faced further declines. Currently, the price is situated within a descending wedge pattern, which is generally considered a bearish pattern. The overall structure of the coin suggests a weakened state, and there is the likelihood of a price decline in the near future.
Optimism (OP) Technical Analysis
OP by writer50_tcr on TradingView.com
The MACD indicator for Optimism registers a value of -0.03, while the signal line stands at -0.04. This configuration indicates that the OP coin’s MACD line resides below the signal line, conveying a bearish signal. Consequently, there is the likelihood of the OP coin’s price experiencing a decline.
The RSI hovers around the 30 mark and is trending downward. This downward movement is a negative signal, suggesting the potential for a future decline in the coin’s price.
Conclusion
In conclusion, the Optimism (OP) coin is moving in a falling wedge pattern, and the price is showing signs of negative momentum. The OP has given a negative return in the previous and the indicators are giving a weak signal. Considering all these factors together, the price is expect to decline in the upcoming days.
Technical Levels
- Support Level: $1.05
- Resistance Level: $1.8
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.
