Optimism (OP) Flashes Double-digit Gains, Can Bulls Push Price To $2?
The price of Optimism (OP) has struggled against tether (USDT) in recent weeks after seeing its price rejected from $2.5. Bitcoin’s (BTC) price showed some great strength bouncing off from a low of $18,500 to a high of $21,000. This movement has affected other altcoins as most cryptocurrencies produce double-digit gains, including Optimism (OP). (Data from Binance)
Optimism (OP) Price Analysis On The Weekly Chart
The price of OP has had difficulty replicating its bullish move that saw the price rally to $2.5 in recent months as it rallied with a good bullish sentiment.
After falling from an all-time high of $2.5, OP has struggled to stay afloat as the price fell to a low of $1. OP price has formed good support at $1 with what looks like an area of interest for buyers and investors.
The price of OP closed the week on a high with the new week looking more bullish; this shows strength to recover, and with this momentum from OP, we could see the price revisiting the $2 mark, where it will face resistance to trend higher.
The price of OP is faced with resistance at $2, and if the price of OP flips this region, we could see the price going to a region of $2.5 and even higher.
If the price of OP sustains this bullish bias, the price has a better chance of breaking past $2 and going higher with good buy volume.
Weekly resistance for the price of OP – $2.
Weekly support for the price of OP – $1.
Price Analysis Of OP On The Daily (1D) Chart
OP saw its price rejected from $2.5 as the price fell to a low of $1; the price of OP bounced from this after form support to hold off sell orders.
The price of OP rallied from the low of $1 to $1.2, where it faced resistance as prices continued to range between $1 to $1.2.
After forming a bullish symmetric triangle, the price of OP broke out with strong bias as the price could go from $1.5-$2. A close OP above $1.25 could see the price rally higher after showing bullish movements.
The price of OP trades at $1.28, trying to break and hold above the 50 Exponential Moving Averages (EMA) on the daily timeframe. The price at $01.2 corresponds to the 50 EMA acting as resistance to the price of OP.
OP needs to break above the 23.1% Fibonacci retracement value acting as resistance for the price of OP. If OP breaks and closes above this region, we could see the price going to $1,5.
Daily resistance for the OP price – $1.5-$2.
Daily support for the OP price – $1.2-$1.
OP Price Analysis On The Four-Hourly (4H) Chart
The price of OP in the 4H timeframe continues to look bullish after breaking out of a symmetric triangle with bullish signs; the price retested above the 200 EMA bullish signs could be on the cards.
OP price trades above the 50 EMA and 200 EMA, with the prices corresponding to $1.1 and $1.22 acting as support areas for the price of OP.
On the 4H chart, the Relative Strength Index (RSI) for OP is below 60, indicating high buy order volume for OP price.