Optimism (OP) Cracks Double-digit Gains, Can Bulls Breach $1 Mark?
25 Octobre 2022 - 12:00AM
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OP’s price shows the first sign of bounce after seeing its price
bottom at the $0.6 support zone. OP bounced off its downtrend
movement as price eyes a break from its downtrend to a region of
$1. The price of OP breaks out of its daily downtrend, acting
as a resistance line as the price trades below the 50 Exponential
Moving Average (EMA). Despite many traders and investors expecting
the month of October to be fruitful for most crypto, including
Optimism (OP), the price of Optimism (OP) has had a difficult
start. In recent weeks, the price of OP has failed to replicate the
rally from a low of $0.5 to a high of $2. The crypto market,
including the big players like Bitcoin (BTC), Ethereum (ETH), and
Binance Coin (BNB), has had a quiet month as the prices of most
altcoins have found themselves fighting for survival as they seek
to defend their key support areas. (Data from Binance) Related
Reading: $185 Million Worth Of AXS Tokens Set To Be Unlocked, Time
To Get Out Of Axie Infinity? Optimism (OP) Price Analysis On The
Weekly Chart Optimism has struggled to regain its bullish momentum
in recent times; despite the uncertainty that has befallen the
crypto space, the price of OP hasn’t enjoyed a measure of relief
after showing so much strength on the weekly chart rallying from a
low of $0.5 to a high of $2.4 with many becoming interested as to
what OP will accomplish. After the price of OP rallied to a
high of $2.4 with what is its all-time high, the price has faced so
much downtrend as the price dropped to a weekly low of $0.6; the
price rallied from this low to a high of $0.7, where the price
faced resistance to breaking above this region. The price of OP
bounced from its low after facing several rejections to trend; with
the week looking more interesting for most crypto projects like OP,
we could see a rally to a high of $0.9-$1. OP’s price needs
to maintain this structure as the price heads into the monthly
close; if OP continues, we could see a price trend toward $1.
Weekly resistance for the price of OP – $1. Weekly Support for the
price of OP – $0.6. Price Analysis Of OP On The Daily (1D) Chart In
the daily timeframe, the price of OP continues to trade below the
key resistance formed at 50 EMA after breaking out of its
descending triangle. The price of $0.9 acts as the resistance
holding the price of OP from trending higher, which corresponds to
the value of the 50 EMA. The price of OP needs to break and hold
above $0.9 for the price to trend higher to a region of $1, which
is a key supply zone for most traders. If the OP price fails to
break above this region, we could see the price retest its Support
at $0.65. Daily resistance for the OP price – $0.9-$1. Daily
Support for the OP price – $0.65. Related Reading: Dogechain (DC)
Notches 200% Hike In Trading Value In The Past Week Featured Image
From zipmex, Charts From Tradingview
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