The Optimism value seems to have struggled over the previous week, with its latest bullish momentum seemingly waning. Throughout 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 newest on-chain revelation means that there is likely to be just one factor in the best way of the Optimism value rise to a brand new excessive.
OP Value To Soar By 26% To $2.70, Crypto Analyst Tasks
Common crypto analyst Ali Martinez, in a latest put up 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 is predicated 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 by way of 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 help at a value zone is extra important the bigger the dot dimension of that value zone.
In his put up, Martinez identified that the Optimism value is at present bouncing off a significant resistance zone between $2.17 and $2.30. Based on 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 may sign a bullish breakout, doubtlessly propelling OP towards $2.70,” the crypto analyst mentioned. This represents a greater than 26% value progress from the cryptocurrency’s present worth.
Optimism Value Overview
As of this writing, the Optimism value stands at $2.11, reflecting a 2.4% value decline up to now 24 hours. OP’s sluggish efficiency up to now day underscores the altcoin’s struggles over the previous week.
Based on knowledge from CoinGecko, the Optimism value has barely modified up to now seven days. Though the cryptocurrency surged to a multi-month excessive of $2.46 earlier within the earlier week, it has since confronted some degree 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 day by day timeframe | Supply: OPUSDT chart on TradingView
Featured picture from The Unbiased, chart from TradingView
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