Optimism (OP) Faces Potential Decline To $1.80

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Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	429,870,338,358	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

429,870,338,358

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-87.63	-2.40%	3,569.22	3,568.97	3,568.98

Price Change

Price Change %

Current Price

Bid Price

Offer

-87.63

-2.40%

3,569.22

3,568.97

3,568.98

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,665.28	3,530.02	3,650.71	3,656.85	1,995.29 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,665.28

3,530.02

3,650.71

3,656.85

1,995.29 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:01:08	0.136074	3,569.22	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:01:08

0.136074

3,569.22

USD

Price x Volume	Volume	Base Symbol	Related Pairs
438,128,366.97	121,844.76	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

438,128,366.97

121,844.76

Optimism (OP) Faces Potential Decline To $1.80 — Analyst

24/11/2024 4:00pm

NEWSBTC

Optimism (OP) has experienced a market rebound in the past week gaining by 35.76% based on data from CoinMarketCap. The Ethereum layer-2 token hovers above $2.20 with investors strongly bullish on future price gains. However, certain trading indicators signal otherwise. Related Reading: Optimism: Major Partnership Pushes OP Price By 24% Optimism Likely To Fall By 18% In a November 23 post on X, renowned crypto analyst Ali Martinez shared a bearish prediction on Optimism despite the token’s current upward trend. According to Martinez, the TD Sequential has flashed a sell signal on OP’s 4-hour trading chart, presenting the potential for an imminent price dip. In trading markets, the Tom Demark (TD) Sequential indicator is commonly used to identify potential price exhaustion or continuations by analyzing patterns within price bars. After OP’s rally in the past week, the TD sequential now points to a trend exhaustion, suggesting a possible price reversal. Following this signal development, Martinez predicts OP could slide to $2.0. However, further correction could force the token’s price to around $1.80 indicating a potential 18% decline from the current market price. Martinez’s price projection is further backed by OP’s Relative Strength Index, an indicator that measures the speed and magnitude of an asset’s price movement to determine if it is overbought or oversold. According to data from OP’s 4-hour trading chart, the token’s RSI valued at 65.18 and descending from the overbought zone indicates buying pressure is weakening and a potential price correction is imminent. However, Optimism remains well above its 100-day simple moving average (SMA) which suggests a possible uptrend continuation. This factor, combined with the present strong bullish sentiments in the altcoin market suggests OP may maintain its current price rally, reaching as high as $2.5 at which lies its next significant market resistance. Related Reading: Optimism Superchain’s L2 Mode Network Launches New Governance Model – Here’s Why Optimism Price Overview At press time, Optimism exchanges hand at $2.29 following a 1.64% gain in the past 24 hours. Meanwhile, the altcoin’s daily trading volume is down by 13.17% and valued at $860.51 million. On larger time frames, OP is significantly impressive notching gains of 35.76% in seven days as earlier stated, and 33.77% in the past 30 days. Despite recent gains, the Ethereum-layer 2 token remains 54.65% away from its all-time high of $4.85. However, OP remains an investor favorite considering its status in the Ethereum ecosystem. According to data from Top 7 ICO, Optimism is the Ethereum layer-2 network with the third largest total value locked (TVL) valued at $6.46 billion falling behind Base ($7.02 billion) and Arbitrum ($14.3 billion). Featured image from Coinmonks, chart from Tradingview

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