Optimism Price To Resume Bullish Trajectory To $3? Here’s How
17 December 2023 - 7:58PM
NEWSBTC
The Optimism price appears to have struggled over the past week,
with its recent bullish momentum seemingly waning. During the
altcoin rally, the price of Optimism’s native token OP went from a
low of $1.2 to a high of nearly $2.5 before experiencing a
pullback. While OP has managed to preserve a majority of its
recently accrued profit, the cryptocurrency seems to be finding it
challenging to continue its bullish trajectory. And the latest
on-chain revelation suggests that there might be only one thing in
the way of the Optimism price rise to a new high. OP Price To Soar
By 26% To $2.70, Crypto Analyst Projects Popular crypto analyst Ali
Martinez, in a recent post on the X platform, disclosed his bullish
projection for the price of Optimism over the next few weeks. This
prediction revolves around on-chain data from IntoTheBlock, which
is based on the density of investors who purchased the OP token at
certain price zones. 26,800 addresses purchased roughly 45 million
tokens between $2.17 and $2.23 | Source: Ali_charts/X Related
Reading: Polygon (MATIC) Price Faces Crucial Turning Point That
Could Trigger 50% Rally, Analyst Says The chart above displays how
the Optimism price zones around the current value look in terms of
investor density. The size of the dot indicates the number of
investors who bought the OP coin at each price range. Notably, the
resistance or support at a price zone is more significant the
larger the dot size of that price zone. In his post, Martinez
pointed out that the Optimism price is currently bouncing off a
major resistance zone between $2.17 and $2.30. According to data
from the analytics platform, roughly 27,000 addresses purchased a
massive 45 million tokens within this range. Martinez posited that
the zone between $2.17 and $2.30 is one to watch out for, given the
substantial buying activity within the price range. “A sustained
close above could signal a bullish breakout, potentially propelling
OP toward $2.70,” the crypto analyst said. This represents a more
than 26% price growth from the cryptocurrency’s current value.
Optimism Price Overview As of this writing, the Optimism price
stands at $2.11, reflecting a 2.4% price decline in the past 24
hours. OP’s sluggish performance in the past day underscores the
altcoin’s struggles over the past week. According to data from
CoinGecko, the Optimism price has barely changed in the past seven
days. Although the cryptocurrency surged to a multi-month high of
$2.46 earlier in the previous week, it has since faced some level
of correction to trade around $2.10. Related Reading: Analyst
Predicts XRP Price Will Rise 800% To $5.5 – The Timeframe Will
Shock You Nevertheless, Optimism still ranks amongst the top 40
cryptocurrencies in the sector, with a market capitalization of
roughly $1.94 billion. Optimism price experiences correction on the
daily timeframe | Source: OPUSDT chart on TradingView Featured
image from The Independent, chart from TradingView
Polygon (COIN:MATICUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Polygon (COIN:MATICUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024