Optimism Price Up By 34% Today – But Investors Should Watch Out For This Sell Signal

Name	Symbol	Market	Market Cap ($)	Algorithm
Polkadot	DOTUSD	Crypto	8,917,908,754	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Polkadot

DOTUSD

Crypto

8,917,908,754

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.020	0.30%	6.68	6.68	6.68

Price Change

Price Change %

Current Price

Bid Price

Offer

0.020

0.30%

6.68

High Price	Low Price	Open Price	Prev. Close	52 Week Range
6.81	6.65	6.66	6.66	3.56 - 12.01

High Price

Low Price

Open Price

Prev. Close

52 Week Range

6.81

6.65

6.66

3.56 - 12.01

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	04:07:54	29.07	6.68	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

04:07:54

29.07

6.68

USD

Price x Volume	Volume	Base Symbol	Related Pairs
225,581.58	33,724.92	DOT	DOTEUR	DOTGBP	DOTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

225,581.58

33,724.92

Optimism Price Up By 34% Today – But Investors Should Watch Out For This Sell Signal

23/12/2023 8:03am

NEWSBTC

Optimism price has been witnessing significant momentum over the past few days, becoming one of the top gainers in the market today. Thanks to this recent price growth, Optimism has seen its native token OP lay a serious claim to a place within the top 30 cryptocurrencies by market capitalization. However, it seems that the Optimism price movement may soon be turning bearish following the appearance of a sell signal on the price chart. Indicator That Preceded 80% Rally Turns Bearish, Analyst Says In a recent post on the X platform, crypto analyst Ali Martinez sounded the sell alarm for the OP token. According to the popular crypto pundit, the Optimism price might be in the best range for investors to cash in on their profits. The reasoning behind this forecast revolves around the TD (Tom DeMark) sequential indicator. Based on Martinez’s analysis, the indicator is currently flashing a sell signal on Optimism’s 12-hour price chart. Related Reading: Solana Saga Orders Scrapped As $30 Million BONK Token Package Overshadows Device’s Value The crypto analyst highlighted that a buy signal from the TD sequential indicator preceded a substantial surge in Optimism price earlier in December. And this adds even more weight to the possibility of a bearish turnaround following a sell alarm from the indicator. Martinez advised investors to think about taking profits right away, given that the OP price may decline and mirror the size of the initial bullish upswing. This projection comes during an exhilarating positive run for OP, putting the altcoin’s bullish trajectory in jeopardy. Optimism Price And Network Growth As of this writing, the Optimism price stands at $3.37, reflecting an almost 34% price increase in the past 24 hours. According to data from CoinGecko, the value of the cryptocurrency has soared by more than 55% in the past week. The OP coin looks set to end the year as one of the 30 largest cryptocurrencies in the sector, with its market cap recently surpassing $3 billion. This positive performance of the token – in such a short time span – only underscores the increased rate of network growth. Related Reading: Will Inscriptions On Polkadot Push DOT Prices Back Above $10? According to recent data from IntoTheBlock, the Optimism network boasts more than 5.9 million addresses with a balance. This represents a nearly 400% surge from 1.2 million in January 2023. Growth of this caliber and magnitude suggests increased confidence, adoption, and usage of the Optimism network. And if this positive trend is anything to go by, there is a chance the Optimism price won’t be down for long – if the current bearish projection does come true. Optimism price experiences sharp pullback at $3.5 on the daily timeframe | Source: OPUSDT charton TradingView Featured image from iStock, chart from TradingView

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