- Optimism(OP) price is trading at $1.222 with a decline of -0.24% in the last 24 hours.
- The current Optimism(OP) ranking on Coingecko is #51 as of 08 July 2023.
- The current Open Interest for Optimism(OP) is $79.55M resulting in an advance of +4.34% in the last 24 hours as per Coinglass.
The current fully diluted market cap of Optimism(OP) is $5,245,696,153 as per CoinMarketCap.
Optimism coin (OP) is a utility token that powers OP, a platform that aims to create a decentralized and democratic use of data by combining blockchain and Internet of Things (IoT) technology
Optimism (OP) reached its peak value of $3.22 on Feb 24, 2023 (4 Months ago). The current value is -61.95% below the highest value ever and Optimism (OP) has declined by -8.56% in the past week. There has been a decline of -41.73% in the trading volume of OP resulting in $191.80M in the last 24 hours as per Coinglass.
Optimism (OP) has dropped by -8.56% in the past week, doing worse than the global cryptocurrency market which has fallen by -1.60% but doing better than other Ethereum Ecosystem cryptocurrencies which have grown by 12.70% as per coingecko.
Optimism Technical Analysis
Market Structure: Optimism(OP) reversed after making a low of 0.00309 and started to make higher levels which resulted in the formation of a dynamic trendline the market is currently broken down the trendline level and is further proceeding for the downtrend momentum.
Indicator Analysis Optimism
Source: OPTIMISM. COINBANSE.4H by TradingView
EMA: The Optimism(OP) is currently trading below the 20,50-day Exponential moving average resulting in a bearish crossover which represents the presence of sellers in the market and if sellers continue to push the market down then Optimism(OP) can show further lower prices in the upcoming days which can further lead to a downtrend.
RSI: Based upon the current market scenario the RSI for Optimism(OP) looks weak as it is trading below the level of 50 and has just taken the rejection from the same level as on 08 July 2023. The RSI bounced back from the oversold zone but is unable to break the level of 50.
Conclusion
Hence, by looking at the charts we can see that the Optimism(OP) is trading below the 20,50-day Exponential moving average and has also broken the dynamic support trendline resulting in a downtrend and RSI is also unable to break the level of 50 on the upperside. This represents the weakness in the market and the presence of sellers dominating the Optimism.
Technical Levels
- Support Level – 1.059 and 0.889
- Resistance Level – 1.501 and 1.810
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the OPticle does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
