Optimism Price Prediction for Today, February 8 – OP/USD Technical Analysis

The Optimism value prediction reveals that the OP value stays above the 9-day and 21-day shifting averages to proceed the bullish motion.

Optimism Worth Might Drop 25%

The worth of Optimism has skilled vital volatility in the course of the unlocks occasion, surging 94% over the previous week and almost 25% within the final day alone. This conduct aligns with the “buy-the-rumor” narrative, suggesting {that a} “sell-the-news” situation is likely to be unfolding.

Optimism Prediction Statistics Information:

Optimism value now – $3.43
Optimism market cap – $3.1 billion
Optimism circulating provide – 957.3 billion
Optimism whole provide – 4.2 billion
Optimism Coinmarketcap rating – #26

OP/USD Market

Key Ranges:

Resistance ranges: $5.0, $5.5, $6.0

Help ranges: $2.0, $1.5, $1.0

OP/USD is presently exchanging arms at $3.43 because the coin consolidates inside the channel. The OP value is heading towards the higher boundary of the channel. Nonetheless, Optimism must concentrate on the bullish motion to information in opposition to the downward stress whereas the closest assist expects the coin at $2.0, which may very well be the each day low.

Optimism Worth Prediction: The Optimism Might Transfer Upward

The Optimism value stays above the 9-day and 21-day shifting averages as a result of any bearish motion to the south could carry the coin to the assist ranges of $2.0, $1.5, and $1.0. Nonetheless, OP/USD is buying and selling at $3.43 and nonetheless buying and selling above the shifting averages. On the upside, a sustained transfer towards the higher boundary of the channel might create extra power for the bulls with the concentrate on shifting the market to the following resistance ranges of $5.0, $5.5, and $6.0 respectively.

For the time being, the 9-day shifting common is more likely to cross above the 21-day shifting common, which signifies that the market could face the upside. Trying on the each day chart, there could also be a necessity for assist to be shaped round $3.2 to offer tight safety which might enable the patrons to focus on stirring motion to the north.

OP/BTC Consolidates Above the Shifting Averages

In opposition to Bitcoin, the Optimism value is hovering above the 9-day and 21-day shifting averages because the sellers goal to carry the value to the draw back which might fall towards the decrease boundary of the channel, whereas the 9-day MA stays under the 21-day MA.

Nonetheless, if the bulls succeeded in breaking towards the higher boundary of the channel, the OP value could doubtless hit the potential resistance degree at 1000 SAT and above. Quite the opposite, any bearish motion under the decrease boundary of the channel might carry the value to the assist degree of 500 SAT and under.

On his X account, Crypto Rover shared together with his 670k followers that Optimism (OP) ranks amongst his prime #Altcoin holdings. He believes they presently sit at a stable assist degree poised for additional upward motion. Ought to a breakdown happen, he notes the following assist degree at $1.9. Nonetheless, @rovercrc is optimistic about Optimism’s potential, foreseeing a 30x improve within the subsequent bull run from its present place.

$OP

That is certainly one of my prime #Altcoin holds.

I feel we’re at a superb assist degree for one more move-up.

If we see a breakdown, the following assist is $1.9

However I consider Optimism has the potential to do a 30x within the subsequent bull run from right here. https://t.co/qypzKYyoQa pic.twitter.com/es9Ef91irx

— Crypto Rover (@rovercrc) January 29, 2024

Optimism Options

The Optimism (OP) value is approaching the higher boundary of the channel, signaling potential bullish momentum. Nonetheless, merchants anticipate a bullish continuation if the development persists. In the meantime, the 9-day shifting common nearing a crossover above the 21-day shifting common signifies the emergence of one other resistance degree.

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