Optimism (OP) Price Bounces by 50% – Relief Rally or Beginning of Long-Term Reversal?

2023-6-21 15:00

The Optimism (OP) price has increased considerably over the past 11 days, breaking out from a diagonal resistance line in the process.

While the increase could continue in the short-term, long-term readings, indicate that the move is just a relief rally. Thus, the long-term Optimism price prediction is still considered bearish.

Optimism (OP) Price Recovers After Significant Fall

The OP Price has decreased under a descending resistance line since the end of April. The drop led to a low of $0.89 on June 10. This was a new yearly low. However, the price has recovered since, bouncing by 51%.

More importantly, OP broke out from a descending resistance line that had been in place since April 15. This is a strong sign that the previous correction might have ended.

OP/USDT Daily Chart. Source: TradingView

Additionally, the daily RSI legitimizes the ongoing increase. The indicator broke out from its descending resistance line and just moved above 50. As a result, the indicator suggests that the breakout is legitimate and the trend is bullish, at least in the daily time frame.

Read More: 9 Best Crypto and Forex Trading Platforms in 2023

Optimism (OP) Price Prediction Still Bearish in the Long-Term

While the price action from the daily time frame provides hope for a relief rally, the wave count suggests that the long-term trend is bearish.

The main reason is that the increase between June 2022 and February 2023 is a three-wave structure. As a result, it is likely to be an A-B-C correction. Since the correction faces upward, it is, in turn, likely that the trend is bearish.

If correct, it means that the OP price is in sub-wave four (red) of wave three (white). Thus, after the current bounce is complete, the OP price will decrease again, falling to yet a new yearly low. The first target for the bottom of the movement is $0.30.

OP/USDT Daily Chart. Source: TradingView

Despite this bearish OP price prediction, an increase above the sub-wave one low (red line) of $2.02 will mean that the trend is still bullish. In that case, the OP price can increase to $3.

More From BeInCrypto: Crypto signals: What Are They and How to Use Them

For BeInCrypto’s latest crypto market analysis, click here.

The post Optimism (OP) Price Bounces by 50% – Relief Rally or Beginning of Long-Term Reversal? appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

reversal price optimism beginning long-term bounces relief

Источник: beincrypto.com

reversal price → Результатов: 126


Фото:

Bitcoin Price Analysis: New High Paves Potential Reversal Setup

After days and days of consolidation, bitcoin finally managed to break a new high for the first time in almost two weeks. This new high, so far, has been short lived, however, as it was almost immediately sold into by eager bears:Figure 1: BTC-USD, 4-Hour Candles, New HighOur current 4-hour candle is seeing a relatively easy retracement after days and days of an upward grind.

2019-3-9 02:08


Фото:

Bitcoin Price Analysis: Bullish Rejection Wipes Out Bitcoin’s Weekend Gains

Over the weekend, a strong rally was stifled by an even stronger rejection as the bitcoin market was shoved into a band of overhanging resistance. This band of resistance has been mentioned several times in our analyses over the last few weeks as it has proven impossible to overcome for the time being:Figure 1: BTC-USD, Daily Candles, Failed BreakoutThis run to the low $4,000s coincided with a breakout of a rather large symmetrical triangle consolidation shown above.

2019-2-26 02:42


Bitcoin SV (BSV) Daily Price Forecast – February 22

  The medium-term outlook continues ranging while the short-term is in a downtrend. Traders may consider selling at key area with bearish reversal candle as confirmation for entries. BSV/USD Medium-term Trend: Ranging Supply zones: $150, $200, $250 Demand zones: $50, $40, $30 BSVUSD continues in a range-bound market in its medium-term outlook. The bullish pressure […]

2019-2-22 12:06


Фото:

Bitcoin Price Touches $4K On Biggest Daily Volume Since May

The Bitcoin price succeeded in holding above $3900 February 20 after a sudden bull run brought the largest trading volumes since May 2018. Bitcoin Volume Sets 9-Month Record Data from Coinmarketcap confirmed the return to form for both price and volume over the past 72 hours, Bitcoin rising around 10 percent February 18 and touching the $4000 mark on Bitstamp yesterday.

2019-2-20 18:00


Bitcoin (BTC) Price Analysis: Time for a Pullback… Again!

Bitcoin recently broke below a short-term rising trend line to signal that a reversal might be underway. Price has found support at the $3,600 area, though, and a pullback is taking place. The 100 SMA is still below the longer-term 200 SMA on this 1-hour time frame, indicating that the path of least resistance is […] The post Bitcoin (BTC) Price Analysis: Time for a Pullback… Again! appeared first on Ethereum World News.

2019-1-15 04:11


Фото:

Bitcoin Price Analysis: Range-Bound Market Coiled for Next Move

For the better part of a month and a half, bitcoin has been fairly range-bound and unable to establish new lows or new highs. There are some bullish and bearish setups on the horizon for bitcoin, so let’s check out both sides of the argument because currently the market is sitting in the middle of Indecisionville — the most immediate sign of which is this glaringly obvious head-and-shoulders bottom reversal pattern:Figure 1: BTC-USD, Daily Candles, Head-and-Shoulders BottomThis current pattern is nothing more than a setup at the moment, but it represents one potential outcome of this sustained consolidation.

2019-1-4 02:22


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru