Optimism Price To Resume Bullish Trajectory To $3? Here’s How

The Optimism value seems to have struggled over the previous week, with its current bullish momentum seemingly waning. In the course of the altcoin rally, the worth of Optimism’s native token OP went from a low of $1.2 to a excessive of practically $2.5 earlier than experiencing a pullback. 

Whereas OP has managed to protect a majority of its not too long ago accrued revenue, the cryptocurrency appears to be discovering it difficult to proceed its bullish trajectory. And the most recent on-chain revelation means that there could be just one factor in the best way of the Optimism value rise to a brand new excessive.

OP Worth To Soar By 26% To $2.70, Crypto Analyst Tasks

In style crypto analyst Ali Martinez, in a current publish on the X platform, disclosed his bullish projection for the worth of Optimism over the following few weeks. This prediction revolves round on-chain knowledge from IntoTheBlock, which relies on the density of traders who bought the OP token at sure value zones.

26,800 addresses bought roughly 45 million tokens between $2.17 and $2.23 | Supply: Ali_charts/X

The chart above shows how the Optimism value zones across the present worth look when it comes to investor density. The scale of the dot signifies the variety of traders who purchased the OP coin at every value vary. Notably, the resistance or assist at a value zone is extra vital the bigger the dot dimension of that value zone.

In his publish, Martinez identified that the Optimism price is at the moment bouncing off a serious resistance zone between $2.17 and $2.30. In line with knowledge from the analytics platform, roughly 27,000 addresses bought an enormous 45 million tokens inside this vary.

Martinez posited that the zone between $2.17 and $2.30 is one to be careful for, given the substantial shopping for exercise inside the value vary. “A sustained shut above might sign a bullish breakout, doubtlessly propelling OP towards $2.70,” the crypto analyst mentioned. This represents a greater than 26% value development from the cryptocurrency’s present worth.

Optimism Worth Overview

As of this writing, the Optimism value stands at $2.11, reflecting a 2.4% value decline previously 24 hours. OP’s sluggish efficiency previously day underscores the altcoin’s struggles over the previous week.

In line with data from CoinGecko, the Optimism value has barely modified previously seven days. Though the cryptocurrency surged to a multi-month excessive of $2.46 earlier within the earlier week, it has since confronted some stage of correction to commerce round $2.10.

However, Optimism nonetheless ranks amongst the highest 40 cryptocurrencies within the sector, with a market capitalization of roughly $1.94 billion.

Optimism value experiences correction on the every day timeframe | Supply: OPUSDT chart on TradingView

Featured picture from The Impartial, chart from TradingView

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