OPTIMISM Price Prediction: Can OP make it to $4 this year?

• OPTIMISM/USDT gained 35% from its support at $1
• OPTIMISM/USDT is down 56% from its all-time high of $3.30

OPTIMISM is trading at $1.423. The price is up 4.10% in the last 24H. The 24H trading volume saw a fall of 51.90%. The Total Market Cap is $893,194,650.

OPTIMISM is trading in a downtrend. The prices started to slip after OP created a new all-time high. The fall consumed almost 56% of its value. A recent bounce from the $1 support means the market is trying to recover. The price is 20% below the daily 200 EMA. The Bulls are attempting to break the resistance of $1.43.

$1 seems to be a major demand zone.

The Daily chart shows that OP is trying to recover by talking support at $1. The Bears started gaining momentum when the Bulls lost the important support at $2. The price appears to follow a long-term trendline. Bears tried breaking this trendline and were successful for a brief time.

The market witnessed intense buying at $1 and the bulls pushed the price above the trendline. OP is at a critical point because rejection from here can become fatal. A loss of $1 support means the price can be seen trading in the depths.  A continuation of this recovery can increase the probability of OP reaching $4 this year.

The 4h Chart shows high volatility

The 4H chart gives a closer look at the intense fight between the Buyers and Sellers. The Market witnessed a dump followed by a quick recovery. The present conditions represent high volatility where amateur Investors are losing money The price has come to a pause around the 200 EMA.

This is a decision time and the price can consolidate for some time before choosing a direction. Investors should remain cautious as the market will be in a stop-loss-hunting mode. Although the price managed to close a candle above 200 EMA, It must make a higher high to break the bearish structure.

RSI: The RSI indicator is currently at 64.20 on the 4H and the RSI is attempting a bullish crossover with MA. The market is bullish to sideways

MACD: The MACD indicator has made a bearish crossover but the indicator is above 0.

The market will stay more biased towards the bullish side as long as the indicator is above the 0 line.

200 EMA: The Price is very close to 200 EMA. This is a sideways condition. Investors must wait for the price to move away from the indicator to get a clear indication of the trend.

Conclusion:

OPTIMISM was in a correction phase after creating a new all-time high. The recent bounce from $1 looks like the initial stages of recovery. The Bulls Must hold the $1.00 Support at any cost. A flip of 200 EMA on the Daily Chart will confirm the journey to $4.00. Currently, the market is Volatile and investors with less risk appetite are advised to stay cautious. Showing patience can be highly rewarding, whereas hurry can turn to worry.

Technical levels

Support Levels: $1.00 – Support 1

     $0.90 – Support 2

Current Price: $1.42

Resistance Levels: $1.85- Resistance 1

          $2.83 – Resistance 2

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.