02 December 2023 : In this article we will walk you through Optimism price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Optimism, Is OP a good investment? Optimism support & resistance levels etc. But before diving deep into the OP technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,455,799,521,535. The total trading volume stands at $48,497,733,926. Bitcoin shares 52.07 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $38,749.75 level after an upward movement of 2.29%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 0.48 percent reaching to $2,094.48 during the previous 24 hours.
While publishing this blog, BNB traded at $229.10, following a price change of 0.21% within the same time frame. XRP the native coin of XRP is up by 0.65 and currently trading at $0.61. Additionally, Solana reached $60.97 after seeing a uplift of 1.18% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Optimism (OP)
|OP Resistance Levels||OP Support Levels|
|Resistance Level 1||$0.78||Support Level 1||$0.66|
|Resistance Level 2||$0.84||Support Level 2||$0.59|
|Resistance Level 3||$0.91||Support Level 3||$0.54|
OP has recorded a downtrend, losing -1.18% in last 24 hours. The current value of Optimism is hovering at $1.68 with the trading volume of $127,609,631.00 USD in the same timeframe. The overall marketcap for OP is $1,529,944,045.00 USD while the coin price changes -7.76% over the week.
OP price analysis for 02 December 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Optimism.
|Simple Moving Average (10)||0.74||Buy|
|Exponential Moving Average (10)||0.75||Buy|
|Simple Moving Average (20)||0.81||Buy|
|Exponential Moving Average (20)||0.80||Buy|
|Simple Moving Average (50)||0.98||Buy|
|Exponential Moving Average (50)||0.97||Buy|
While OP’s Williams %R indicator is at -51.036 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The OP/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market. The relative Strength Index (RSI) indicates that the OP coin is near oversold zone, as RSI is at 32.
There had been a negative trend for some time and it seems that the coin's recuperation will continue as long as it remains in the reddish area. You should only acquire crypto right now if you're prepared to hold it through the ups and downs of the crypto market.