Top Layer 2 Tokens Gain Massive Price Action! Optimism Price To Jump As Buy Sign Soars?

The post Top Layer 2 Tokens Gain Massive Price Action! Optimism Price To Jump As Buy Sign Soars? appeared first on Coinpedia Fintech News

Following the market correction, the crypto industry has successfully regained momentum as the market has displayed a significant uptrend this week. Further, the top cryptocurrencies have regained power by covering all their losses from the price volatility.

As the Ethereum price records a jump of over 3% in value, top layer 2 tokens follow in the footsteps of the market leader and display similar jumps. Moreover, The OP price has added over 30% within the past 24 hours, making it the best performer of the day in the crypto space.

TradingView: OP/USDT

The Optimism token traded in a consolidated range between $1.639 and $1.871 for over two weeks, after which the market gained momentum and the price experienced a jump.

The OP price jumped over 21% following which it faced rejection at $2.272. After this, the price traded sideways for a while in a closed space. The bulls gained power and broke out of the range, but the rally was short-lived as the price faced rejection at $2.495, resulting in the price experiencing a pullback.

The token continued to trade in a closed range for over a week, after which the bulls regained momentum and displayed a jump of 31% recently, suggesting a trend reversal in the price.

Will OP Price Go Up?

The Moving Average Convergence Divergence (MACD) displays a constant rise in the histogram, indicating increased buying-over-selling pressure. Moreover, the averages show a significant jump in the chart, highlighting a bullish sentiment in the crypto space.

If the bulls push the price above the resistance level of $2.991, they will continue to gain momentum and prepare to test their upper resistance level of $3.5 in the coming week. Further, if the market holds the price at that level, it will jump and test its resistance level of $4 this month.

Conversely, if the bears gain control over the market, the Optimism price will experience a trend reversal, resulting in the price testing its support level of $2.495 soon. Moreover, if the bears dominate the market, the OP token will plunge further and test its lower support level of $2.272 in the coming time.