Optimsm Price Prediction: Can OP Rise From The Ashes Or Drop
Optimsm Price Prediction: Can OP Rise From The Ashes Or Drop More
Meta Description: Optimism price has been on a free fall for the last three months losing nearly 30% a month.
Optimism price has been on a free fall in the last three months eroding over 60% of its value.
The daily chart highlights a short term consolidation near the demand zone of $1.16.
Despite the recent efforts, Optimism has failed to gain ground and has been sliding on the lower side. The OP price has been on a long term declining phase since April and has wiped off nearly 75% from the annual highs.
The broader crypto markets have been volatile with major ups and downs. However, Optimism has only experienced major downwards movements in the recent months. The price kept on declining forming multiple lower highs and lower lows.
The Investors seem to be losing confidence after the continuous underperformance of Optimism and are looking for safer and better investment assets. Let's analyze Optimism and try to find whether it may be a bullish bet for the upcoming sessions or continue to plunge downwards.
Optimism Crypto Derivatives Analysis
As per coinglass.com, Optimism has recorded a 5.60% negative development in the Open Interest contracts. As of now, It has nearly $72.80 Million Open contracts. Moreover, the 24 hour transaction volume has surged by 10.7% to $160 Million a day.
<iframe title="Santiment Chart: Total Open Interest in USD (OP), Price (OP)" width="800" height="425" src="embed.santiment.net/chart?ps=o-optimism&pt=OP&df=2024-07-15T18:30:01.380Z&dt=2024-08-16T18:29:59.380Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
Source: app.santiment.net
Moreover, the community sentiment metrics showcase 80% bullish sentiments and 20% bearish sentiment as per coinmarketcap. The volume to market cap ratio at 10.51% hints a mild volatility in the crypto.
Optimism's market cap was currently sitting near $1.49 Billion making it the 48th largest crypto by market cap. Also, the current circulation supply comprises 27.6% of total supply. It has a total supply of nearly 4.294 Million OP tokens with 1.18 Billion tokens in circulation at the moment.
Can Optimism Recover Or Continue To Plunge More?
Optimism price has been on a free fall for the last three months losing nearly 30% a month and over 60% in the last three months. Currently, the price has reached near Multi month lows from where the bulls may try to make a comeback in the game.
However, It seems to be a bit difficult for the bulls to recover as the price is unable to find any support on the lower side. Optimism bulls need to establish a strong demand and halt the further downfall.
On the lower side, the $1 may act as a strong demand however, the price is yet to test it. As of now, the bears are in total control and may try to keep the trend control in their hands. if the price breaks below the $1.16 level, the recent demand zone, it may continue to plunge more towards the $1 level.
From a technical standpoint, optimism price hovers below all the key EMAs of 20, 50 and 200 days suggesting a bearish trend prevailing. Moreover, the MACD line and signal line placed below the zero line indicates a bearish continuation in the near term.
Optimism (OP) has been in a long-term decline since April, losing nearly 75% from its annual highs. Over the past three months, OP has consistently moved downward, forming lower highs and lows. The 24 hour Open Interest contracts have decreased by 5.60%, while transaction volume increased by 10.7% to $160 million.
Currently near multi-month lows, OP faces strong bearish control. Technical indicators show a bearish trend, with the price below key EMAs and MACD lines indicating further bearish continuation. Bulls need to establish strong demand to halt the decline.
Meta Description: Optimism price has been on a free fall for the last three months losing nearly 30% a month.
Optimism price has been on a free fall in the last three months eroding over 60% of its value.
The daily chart highlights a short term consolidation near the demand zone of $1.16.
Despite the recent efforts, Optimism has failed to gain ground and has been sliding on the lower side. The OP price has been on a long term declining phase since April and has wiped off nearly 75% from the annual highs.
The broader crypto markets have been volatile with major ups and downs. However, Optimism has only experienced major downwards movements in the recent months. The price kept on declining forming multiple lower highs and lower lows.
The Investors seem to be losing confidence after the continuous underperformance of Optimism and are looking for safer and better investment assets. Let's analyze Optimism and try to find whether it may be a bullish bet for the upcoming sessions or continue to plunge downwards.
Optimism Crypto Derivatives Analysis
As per coinglass.com, Optimism has recorded a 5.60% negative development in the Open Interest contracts. As of now, It has nearly $72.80 Million Open contracts. Moreover, the 24 hour transaction volume has surged by 10.7% to $160 Million a day.
<iframe title="Santiment Chart: Total Open Interest in USD (OP), Price (OP)" width="800" height="425" src="embed.santiment.net/chart?ps=o-optimism&pt=OP&df=2024-07-15T18:30:01.380Z&dt=2024-08-16T18:29:59.380Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
Source: app.santiment.net
Moreover, the community sentiment metrics showcase 80% bullish sentiments and 20% bearish sentiment as per coinmarketcap. The volume to market cap ratio at 10.51% hints a mild volatility in the crypto.
Optimism's market cap was currently sitting near $1.49 Billion making it the 48th largest crypto by market cap. Also, the current circulation supply comprises 27.6% of total supply. It has a total supply of nearly 4.294 Million OP tokens with 1.18 Billion tokens in circulation at the moment.
Can Optimism Recover Or Continue To Plunge More?
Optimism price has been on a free fall for the last three months losing nearly 30% a month and over 60% in the last three months. Currently, the price has reached near Multi month lows from where the bulls may try to make a comeback in the game.
However, It seems to be a bit difficult for the bulls to recover as the price is unable to find any support on the lower side. Optimism bulls need to establish a strong demand and halt the further downfall.
On the lower side, the $1 may act as a strong demand however, the price is yet to test it. As of now, the bears are in total control and may try to keep the trend control in their hands. if the price breaks below the $1.16 level, the recent demand zone, it may continue to plunge more towards the $1 level.
From a technical standpoint, optimism price hovers below all the key EMAs of 20, 50 and 200 days suggesting a bearish trend prevailing. Moreover, the MACD line and signal line placed below the zero line indicates a bearish continuation in the near term.
Optimism (OP) has been in a long-term decline since April, losing nearly 75% from its annual highs. Over the past three months, OP has consistently moved downward, forming lower highs and lows. The 24 hour Open Interest contracts have decreased by 5.60%, while transaction volume increased by 10.7% to $160 million.
Currently near multi-month lows, OP faces strong bearish control. Technical indicators show a bearish trend, with the price below key EMAs and MACD lines indicating further bearish continuation. Bulls need to establish strong demand to halt the decline.
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