Optimism (OP) is a layer-2 scaling solution built on the Ethereum blockchain, designed to provide faster and cheaper transactions.
Price is trading in aย Channel Upย pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines.
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OP Crypto Price Analysis
- Current Price: $1.58
- Market Cap: $1.98 billion
- 24h Trading Volume: $408 million
- Circulating Supply: 1.25 billion OP tokens
- Total Supply: 4.29 billion OP tokens
Price had a bullish breakout from Falling Wedge pattern, above $1.50 resistance, which signaled a bullish trend reversal. It reached our target of $2.00 resistance for +30% gain.
We would be buyers on pullbacks to Channel support near $1.50 for another swing trade entry with +30% upside to $2.00. Stop Loss at $1.39.
Weekly Price Analysis
Over the past week, Optimism’s price has fluctuated between $1.54 and $1.73.
Trend: Short-term trend is Strong Down, Medium-term trend is Neutral, Long-term trend is Neutral.
Momentum:ย Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $1.15, then $0.90. Nearest Resistance Zone is $2.00, then $2.50.
Technical Indicators
- Relative Strength Index (RSI): Currently hovering around 42.
- Moving Average Convergence Divergence (MACD): Signals are bearish, with the MACD line below the signal line.
- Support and Resistance: Immediate support level stands near $1.50, with resistance expected at $1.75.
News Roundup
- Integration with Coinbaseโs Base: Optimismโs fault-proof system will be implemented on Base, Coinbase layer-2 network.
- NFT and Public Goods Funding: Optimism awarded $1.35 million in OP tokens to Mint Blockchain.
- Ecosystem Expansion: The Optimism Collective, a decentralized governance initiative, continues to promote funding for public goods.
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