Optimism Price Analysis: Will There Be a 20% Increase?

Monday, 25 March 2024, 23:30

The post discusses the potential for a 20% surge in Optimism (OP) price due to a Golden Cross formation. Despite the recent rally, bearish pressure and market conditions might lead to a correction of 15% instead. The Golden Cross on the 4-hour chart hints at a bullish trend reversal that could push OP to $4.50.
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Optimism Price Analysis: Will There Be a 20% Increase?

Optimism Faces Bearish Pressure

Optimism price, trading at $3.78 at the time of writing, is reeling from a 10.81% rally observed in the last 24 hours.

The recent rally intensified the selling pressure as profits surged, noted in the Market Value to Realized Value (MVRV) ratio. Optimism's MVRV at 10.16% suggests recent buyers' profits are up 10.16%, likely to sell, signaling a potential downturn.

Furthermore, a major resistance in the path of a rally is the 95 million OP that investors bought within the $3.87 and $4.85 range.

OP Price Prediction: What if Not a 20% Rally?

If the aforementioned conditions hold true, Optimism price could fall back to $3.40, with further declining possible if broader bearish cues impact the altcoin.

The Golden Cross observed on the 4-hour chart, the first in nearly two months, suggests a bullish trend reversal that could push OP to $4.50.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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