- OP’s worth reveals the primary signal of bounce after seeing its worth backside on the $0.6 assist zone.
- OP bounced off its downtrend motion as worth eyes a break from its downtrend to a area of $1.
- The worth of OP breaks out of its every day downtrend, performing as a resistance line as the worth trades beneath the 50 Exponential Moving Average (EMA).
Despite many merchants and buyers anticipating the month of October to be fruitful for many crypto, together with Optimism (OP), the worth of Optimism (OP) has had a troublesome begin. In latest weeks, the worth of OP has failed to copy the rally from a low of $0.5 to a excessive of $2. The crypto market, together with the massive gamers like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), has had a quiet month as the costs of most altcoins have discovered themselves preventing for survival as they search to defend their key assist areas. (Data from Binance)
Optimism (OP) Price Analysis On The Weekly Chart
Optimism has struggled to regain its bullish momentum in latest instances; regardless of the uncertainty that has befallen the crypto area, the worth of OP hasn’t loved a measure of aid after displaying a lot energy on the weekly chart rallying from a low of $0.5 to a excessive of $2.4 with many turning into as to what OP will accomplish.
After the worth of OP rallied to a excessive of $2.4 with what’s its all-time excessive, the worth has confronted a lot downtrend as the worth dropped to a weekly low of $0.6; the worth rallied from this low to a excessive of $0.7, the place the worth confronted resistance to breaking above this area.
The worth of OP bounced from its low after dealing with a number of rejections to pattern; with the week wanting extra attention-grabbing for many crypto tasks like OP, we might see a rally to a excessive of $0.9-$1.
OP’s worth wants to keep up this construction as the worth heads into the month-to-month shut; if OP continues, we might see a worth pattern towards $1.
Weekly resistance for the worth of OP – $1.
Weekly Support for the worth of OP – $0.6.
Price Analysis Of OP On The Daily (1D) Chart
In the every day timeframe, the worth of OP continues to commerce beneath the important thing resistance shaped at 50 EMA after breaking out of its descending triangle. The worth of $0.9 acts because the resistance holding the worth of OP from trending greater, which corresponds to the worth of the 50 EMA.
The worth of OP wants to interrupt and maintain above $0.9 for the worth to pattern greater to a area of $1, which is a key provide zone for many merchants. If the OP worth fails to interrupt above this area, we might see the worth retest its Support at $0.65.
Daily resistance for the OP worth – $0.9-$1.
Daily Support for the OP worth – $0.65.
Featured Image From zipmex, Charts From Tradingview
