Optimism Price Jumps Despite Bearish Trend! Will OP Price Hold Above $3?

The post Optimism Price Jumps Despite Bearish Trend! Will OP Price Hold Above $3? appeared first on Coinpedia Fintech News

The Optimism price continues to display a positive trend by jumping over 6% within the past 24 hours, whereas the major tokens continue to record bearish trends in their respective charts. 

The Optimism price traded in a consolidated range between $3.595 and $4.099 for the first few days of the month, following which the market lost momentum and the token experienced a price breakdown. However, the bulls quickly regained momentum and pushed back the price within the range, but the Op price faced rejection at $3.818.

TradingView: OP/USDT

This resulted in a price correction of over 14.5% in valuation, after which the token displayed minor fluctuations. As the market volatility grew, the Optimism coin price recorded another correction of approximately 13%. After testing its low of $2.991, the bulls regained momentum and jumped over 15.5%, following which it faced a pullback in the chart.

The bulls regained momentum and recorded a jump of approximately 30% in about a week. After facing rejection at $4.099, the OP price started trading under a bearish influence and lost 34.5% over the next two weeks. The bulls held the price strong above $2.683, following which the price traded sideways for a while.

As the bulls regained momentum, the price successfully broke out of the resistance level, after which the price traded between $2.991 and $3.263 for over a week. Currently, the price is on the verge of testing its resistance level, of which the outcome is unpredictable. 

Will Optimism Price Go Up?

The MACD displays a constant strong green histogram, indicating an increase in the bullish influence within the market. Further, the averages show a rising pattern, suggesting the price will continue gaining value in the coming time.

If the market continues to gain momentum, it will attempt to break out of its important resistance level of $3.263 within the coming days. Moreover, if the bulls hold the price at that level, it will rise and prepare to test its upper resistance level of $3.595 this week.

Conversely, if the bears gain control of the market, the OP price will lose momentum and fall to test its support level of $2.991. Further, if the bears continue to dominate the market, the price will experience another plunge in value and prepare to test its lower support level of $2.683 this month.