- OP price has decreased by 15% in the last 3 days, showing weakness.
- Optimism price has slipped below the key moving averages, showcasing bears’ strength.
In a broader time frame, the Optimism price has been bullish and rising by generating higher highs and lows. However, in the short term, sellers have dominated due to the short-term profit booking.
In mid-April, the crypto asset price created a higher low near the $2 hurdle, which is a good support level. The price has gained around 25% in a month but facing resistance from the 200-day exponential moving average.
At press time, the Optimism crypto price traded at $2.59 with a neutral momentum on an intraday session. It has a market capitalization of $2.71 Billion and a 24-hour trading volume of $183.65 Million.
Optimism Price Technical Analysis over the Daily Timeframe
Based on the technical chart, the price triggered a breakout from the $4 hurdle but was unable to hold and slipped below. From the second week of March, the asset price performed negatively and declined by 50% till mid-March.
The Optimism price has melted to the major support level of $2 and is recovering through a rising channel. Suppose the buyers remain active and trading volume increases; the price may keep rising and extend to an all-time high.
On the other hand, if the OP crypto price falls to the support level and slips below, most investors may go for profit booking, leading to a bearish momentum. If the price starts trading below the $1.15 mark, sellers may look for a new all-time low.
According to the technical indicators, the RSI is 45, generating a death crossover between the RSI and the RSI-based moving average. Optimism price is trading below the key moving average, indicating the sellers’ dominance.
OP Crypto Volume vs. Price Analysis
The data suggests that the trading volume has dropped by approximately 85% since March, which has had a negative effect. The trading volume has decreased by 70% in a week and the price has also reduced. Due to the negative change in the trading volume, the price may decline further.
Price vs Daily Active Addresses Analysis
The Optimism crypto price has declined a lot as compared to the daily active addresses. In the past 10 days, the daily active addresses have decreased from 14K to 5K. Suppose the daily active addresses are unable to increase, and then a negative impact on the price can be seen.
Conclusion
The Optimism price seems bearish due to the recent pullback. However, the long-term trend remains bullish, and if the buyers remain active and the trading volume increases, the price may extend to an all-time high.
On the other hand, if the price falls below the support level, it may lead to a bearish momentum. However, if it continues to trade below the $1.15 mark, it may lead to a new all-time low. Additionally, the decrease in trading volume and daily active addresses may negatively impact the price.
Technical Levels
Resistance: $3.00 & $4.00
Support: $2.00 & $1.50
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.