- OP crypto price demonstrates bullish strength and upward momentum, above the 100-day and 200-day moving averages.
- Optimism price is trading at $3.35 with an intraday gain of 3.06%.
Optimism (OP) price has been bullish since October and jumped by 120% until the second week of January. During this bullish trend, the OP token price registered an all-time high of $4.30 on January 11, 2024, and further performed negatively, as displayed on the chart.
OP token price has declined by 33% from its all-time high after reaching an all-time high in the past month. The OP crypto price was in a bullish trend but got disturbed by the $4 hurdle. The price faced resistance from the $4 level and fell and attempted twice, but the result was the same.
The market capitalization of Optimism crypto is $3.21 billion and according to the market cap, it ranks 27th in the cryptocurrency market. The trading volume of OP is $151.22 million, with a fall of 30% in the past 24 hours.
The circulating supply of Optimism crypto is 957,378,568 OP, and the fully diluted market cap is $14.43 billion. The total and maximum supply of Optimism tokens is 4294,967,296 OP.
Optimism Price Technical Analysis Over 1-D Timeframe
In the last month, the Optimism crypto price has witnessed sellers’ dominance, and currently, the price is rising through a channel and heading toward the strong resistance level of $4.
If the price approaches the $4 hurdle, investors and traders may prefer to book profit, which may result in a bearish move for the short term. But, if the price consolidates near the $4 mark and gives a bullish breakout, buyers may become confident, and the price may hit a new all-time high.
On the other hand, if the price slips below the channel, it may easily approach 100-day EMA. But if the OP price fails to defend the 100-day moving average, a bearish momentum can be expected, and it may melt to the $2 mark.
Optimism Crypto Price Forecast Based on Technical Analysis
According to the data on February 10, 2024, the Optimism price prediction sentiment is bullish, with 24 technical indicators signaling a bullish signal and only 4 signaling a bearish signal.
Optimism Price Prediction FAQs
What is the OP price prediction today?
The OP price is predicted to drop 4.02% to reach $3.32 by today.
What is the OP price forecast for tomorrow?
According to our technical analysis, the OP price is forecasted to fall 1.70% to reach $3.27 by tomorrow.
What is the Optimism price forecast for this week?
Based on our analysis, the OP price may remain neutral and consolidate between $3.17 & $3.60 by this week.
What is the current OP price sentiment?
The current OP price prediction sentiment is bullish according to the technical indicators.
Conclusion
Based on technical analysis, the current Optimism (OP) price sentiment is bullish, with 24 indicators signaling a bullish move. However, the price may face resistance at the $4 mark, and investors may book profits, leading to a short-term bearish move. If the price consolidates near $4 and gives a bullish breakout, buyers may become confident, and the price may hit a new all-time high.
Technical Levels
Resistance level: $3.60 & $4.00
Support level: $2.76 & $1.85
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.