Optimism (OP) Predicted to Decline by 18% Amid Market Signals
Optimism (OP) has gained 35.76% in the past week, trading above $2.20, with bullish investor sentiment. However, some trading indicators suggest potential declines.
Optimism Likely To Fall By 18%
Crypto analyst Ali Martinez shared a bearish outlook for Optimism despite its upward trend. He noted that the TD Sequential indicator has flashed a sell signal on OP's 4-hour trading chart, indicating possible price exhaustion and a reversal. Martinez forecasts OP could drop to $2.00, with further correction potentially lowering it to around $1.80, representing an 18% decline from current levels.
The Relative Strength Index (RSI) for OP is at 65.18, indicating decreasing buying pressure and a likely price correction. Despite this, OP remains above its 100-day simple moving average (SMA), suggesting a potential continuation of the uptrend. Strong bullish sentiment in the altcoin market may allow OP to reach resistance at $2.50.
Optimism Price Overview
Currently, Optimism is priced at $2.29, reflecting a 1.64% increase over the last 24 hours. The daily trading volume is down 13.17%, totaling $860.51 million. Over larger time frames, OP has seen gains of 35.76% in seven days and 33.77% in thirty days.
Despite recent increases, OP is still 54.65% below its all-time high of $4.85. It remains a favored asset within the Ethereum ecosystem, ranking third in total value locked (TVL) among layer-2 networks at $6.46 billion, behind Base ($7.02 billion) and Arbitrum ($14.3 billion).
