Optimism (OP) is demonstrating an impressive recovery, having surged 27% in the past week following a new YTD low of $0.895 on June 10. OP is currently trading at $1.411, indicating a 4.06% increase so far today.
Optimism is currently attempting to surpass the reverse Fib 0.5 level at $1.386. This level coincides with a significant horizontal range of $1.363 to $1.419, which had previously acted as resistance in November and September of 2022. Let’s take a look at what might be next for OP.
Technical Indicators Signal a Potential Reversal
The 20-day, 50-day, and 100-day EMAs are currently sitting at $1.300, $1.504, and $1.720, respectively.
These EMAs can provide valuable insights into the overall market trend and potential support and resistance levels.
In the case of Optimism, the 20-day EMA is acting as possible immediate support, while the 50-day EMA is in line with a significant resistance level.
The RSI is currently at 54.22, up from yesterday’s 51.16. Although not yet in overbought territory, the RSI indicates a growing bullish momentum.
Meanwhile, the MACD histogram is at 0.049, also suggesting a potential trend reversal.
Key Levels to Watch for Traders
Traders are advised to closely monitor the resistance level at the Fib 0.618 level, currently valued at $1.502.
This level coincides with the 50-day EMA at $1.504, as well as the horizontal resistance level ranging from $1.483 to $1.557.
The existence of multiple confluences suggests that this level holds significant resistance.
In terms of immediate support, Optimism is currently trading around the Fib 0.5 level at $1.386, in confluence with the horizontal support level of $1.363 to $1.419.
If this level doesn’t hold, the next potential support is the 20-day EMA at $1.300.
Optimism’s market cap has increased by 1.87% to $910 million, while the 24-hour trading volume has decreased by 24.27% to $161 million, according to CoinMarketCap.
The drop in trading volume may suggest that the recent price surge could be losing steam.
Overall, traders are advised to monitor Optimism’s critical support and resistance levels closely to assess its future price action.
While technical indicators suggest a possible trend reversal, exercising caution and waiting for additional confirmation is wise.
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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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