- OP is presently trading at $1.46, witnessing a rise of 6.88% in the intraday session.
- The price gave a breakout from the bearish trendline and turned bullish.
- The price is presently sustaining above the 50-day EMA.
The Optimism token was trading below a bearish trendline, where the price was forming lower lows. When the price entered the zone between $1.17 to $1.23, it took support and turned bullish. After taking support, the price broke the trendline and also crossed above the 50-day EMA. The price then broke above the resistance level of $1.408. The resistance level of $1.408 will act as a support now if the price sustains above it.
The price seems bullish as the volume is presently rising and the price broke the resistance level and is also above the 50-day EMA.
The token marked an all-time high of $4.57 on 31st May 2022. The price is 67.92% down from its all-time high. The market cap of the token during the high was $1.29 Billion.
The daily trading volume of the token has surged by 7.7% in the last 24 hours. The current circulating supply of the token is at 880.44 Million, which is only 20.50% of the total supply. It has a current market cap of $1.27 Billion.
Sentiment Analysis
The total volume of the token has observed a rise of 57.4% in a week, which resulted in a 23.43% surge in the price. The social mentions metric has been increased by 12.99%. The price increase affected the surge of bullish sentiments by 18.67%. The overall sentiments indicate a bullish price action.
Technical Analysis Of OP Token (Daily-1D)
As we can see, the OP price gave a breakout from the trendline after taking support from the levels between $1.17 to $1.23. It is currently trading above the resistance level of $1.408. The resistance of $1.408 will act as support if the price closes above it.
If the price sustains above $1.408, then it can reach $1.585 after some consolidation at the support level. The price is soon going to enter the oversold region, so it needs to come down for some consolidation. The price might directly reach the $1.585 zone if the bulls stepped into action.
However, If the price breaks below the $1.408 level, then it can take support from the 50-day EMA. Additionally, If the price fails to sustain above the 50-day EMA, then it will take support from the top of the trendline. It can also fall further to the support zone from $1.17 to $1.23.
What Indicators Say About the OP Token
Relative Strength Index (RSI)
The RSI line is moving at 68.24 points and the SMA 14 is at 48.16 points. The RSI is above the neutral level, the RSI will soon enter the oversold region and some selling activity can be expected and the price may come down for some consolidation.
Moving Average Convergence/Divergence (MACD)
The fast blue line moving average is moving above the red slow line moving average. The histogram shows a significant surge in the volumes. If the volume keeps on rising, then the price can turn bullish and make a great upward move.
OP LIVE CHART
Conclusion
The overall analysis of OP price suggests that the price is bullish. The price might come down for some correction and consolidation at the level of $1.408, and then target an upward move to $1.585 or even higher.
Technical Levels
- Support Level: $1.17 to $1.23 and $1.408 ( after confirmation )
- Resistance Level: $1.585 and $1.809
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.