Optimism (OP) Bulls Sets Sights On $1.8, Is the Downtrend Doomed?
2024年8月23日 - 2:00AM
NEWSBTC
Optimism current price action has caught the market’s
attention as bullish momentum builds, driving the price toward the
pivotal $1.8 level. This upward drive could mark a potential
turning point, challenging the prevailing downtrend that has kept
the bulls in check for weeks. As buyers regain control,
speculations are, is the once-dominant bearish trend on the verge
of collapse, or will resistance at $1.8 hold firm? This
analysis explores the recent positive momentum propelling Optimism
toward the crucial $1.8 resistance level and assesses whether this
push can halt the ongoing downtrend. It will also provide insights
into potential outcomes and conclude with an outlook on whether the
bulls can maintain their strength or if the bears are poised to
regain control by examining technical indicators and key price
levels. In the last 24 hours, OP has gained a 5.32% increase,
reaching approximately $1.44. The crypto asset market
capitalization has surpassed $1.7 billion, with trading volume
exceeding $135 million. Over this period, the market cap has
increased by 5.40%, while trading volume has surged by 11.78%.
Assessing Optimism’s Bullish Momentum Toward Key $1.8 Resistance
Optimism’s price is currently bullish, trading above the 100-day
Simple Moving Average (SMA) on the 4-hour chart. If the bulls
sustain their strength above this key indicator, it could drive the
cryptocurrency toward further gains, aiming for the $1.8 resistance
level. Also, the Relative Strength Index (RSI) indicates that
Optimism could continue its surge toward the $1.8 resistance level.
The signal line has risen above 50% and is trending around 69%,
suggesting that upbeat pressure remains strong in the market. On
the daily chart, OP’s price is demonstrating stability following a
successful rejection at the $1.4 mark. This steadiness suggests
that the bullish momentum may persist, potentially enabling the
price to rise further toward the $1.8 resistance level and the
100-day SMA. If the bulls continue to exert their influence, it
could set the stage for more gains and reinforce the upward trend.
Finally, the 1-day RSI indicates that bullish momentum for Optimism
is building up, with the signal line currently around 50.81% after
surpassing the 50% mark, indicating a potential for additional
upward movement for the asset. Momentum And Market Moves: What’s
Next For Optimism As It Eyes $1.8? Should the current propitious
pressure continue and drive OP’s price above the $1.8 level, it
could signal the beginning of a bullish rally. The breakout might
propel the asset toward the next resistance at $3 and potentially
higher levels. However, if Optimism rebounds from the $1.8 level,
it might retrace to its previous low of $1. A break below this
level could indicate further downside momentum, potentially leading
the cryptocurrency toward the $0.4 range and other lower levels.
Featured image from iStock, chart from Tradingview.com
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