- Optimism crypto price has declined by 27% in the last 7 days.
- Optimism token price has been stuck between the 20-day and 100-day moving averages.
The Optimism (OP) token is trading at $2.79 and its value has dropped by 1.00% in the last 24 hours. The Optimism crypto price has been bullish and has risen by 200% in the last few months. The OP price has sharply fallen 35% in the last 12 days, indicating strong selling pressure.
The Optimism token price was in an uptrend and was interrupted near the $4 level. The OP price tried many times to sustain this level but couldn’t. The price has formed a double-top pattern, and has also slipped below the 20-day moving average and performed negatively.
The market capitalization of the Optimism token is $2.69 billion. In terms of the market cap, the OP token ranks 30th in the cryptocurrency market. Its 24-hour trading volume is $244.60 million, which has decreased by 27%.
The circulating supply of the Optimism crypto is 957,378,565 OP while the fully diluted market capitalization is $12,138,575,187. The maximum and total supply of the Optimism crypto is 4,294,967,296 OP.
Optimism Token Price Has Formed Double-top Pattern Over Daily Timeframe
On a daily timeframe, the Optimism token price has formed a double-top pattern. Currently, the price has slipped below the neckline and is heading toward the 100-day moving average.
If the OP price fails to defend the 100-day EMA, it may fall to the strong support level of $2. On the other hand, if the OP price takes support from the 100-day EMA and forms a bullish candlestick pattern, buying pressure can be observed and an all-time high can be achieved in the next few days.
Optimism Crypto Price Prediction on 4-Hour Timeframe
On a 4-hour timeframe, the OP price has been declining through a falling channel by forming lower lows and lower highs. Currently, the OP price is near the upper trendline and is facing resistance from the 20-day EMA.
If the Optimism token price gives a breakout and sustains over the 20-day moving average, a short-term buying momentum can be initiated. However, if the price manages to surpass the $3.50 mark, the price may reach the last swing high.
Optimism Price Prediction FAQs
What is the OP price prediction today?
The Optimism price is predicted to drop 0.32% to hit $2.80 by today.
What is the OP price prediction tomorrow?
The Optimism price is forecasted to fall by 4.47% to reach $2.68 by tomorrow.
What is the current OP price prediction sentiment?
The current Optimism price prediction sentiment is bearish according to our technical analysis.
What is the Optimism price forecast for this week?
The OP price is forecasted to remain bearish for this week. According to our analysis, the price will drop 12.45% to reach $2.45 by this week.
Conclusion
The Optimism token is trading over the 200-day moving average, which indicates the presence of buyers. The OP price has witnessed profit booking for the last few days and is heading toward the strong support level of the $2 mark. In the last few months, the crypto price has performed positively but since the beginning of January, sellers have dominated.
Technical Levels
Resistance: $3.20 & $4.00
Support: $2.00 & $1.60
Disclaimer
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is especially volatile and speculative, and this article does not advise investing in cryptocurrencies or other ICOs. Since everyone is unique, a certified professional should be continually consulted before making any economic decisions.
