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Optimism (OP) Bulls Sets Sights On $1.8, Is the Downtrend Doomed?
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Optimism (OP) Bulls Sets Sights On $1.8, Is the Downtrend Doomed?

Godspower Owie
Godspower Owie
9 months ago
3 mins read
Optimism

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Optimism current price action has caught the market’s attention as bullish momentum builds, driving the price toward the pivotal $1.8 level. This upward drive could mark a potential turning point, challenging the prevailing downtrend that has kept the bulls in check for weeks. As buyers regain control, speculations are, is the once-dominant bearish trend on the verge of collapse, or will resistance at $1.8 hold firm? 

This analysis explores the recent positive momentum propelling Optimism toward the crucial $1.8 resistance level and assesses whether this push can halt the ongoing downtrend. It will also provide insights into potential outcomes and conclude with an outlook on whether the bulls can maintain their strength or if the bears are poised to regain control by examining technical indicators and key price levels.

In the last 24 hours, OP has gained a 5.32% increase, reaching approximately $1.44. The crypto asset market capitalization has surpassed $1.7 billion, with trading volume exceeding $135 million. Over this period, the market cap has increased by 5.40%, while trading volume has surged by 11.78%.

Assessing Optimism’s Bullish Momentum Toward Key $1.8 Resistance

Optimism’s price is currently bullish, trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart. If the bulls sustain their strength above this key indicator, it could drive the cryptocurrency toward further gains, aiming for the $1.8 resistance level.

Optimism
Optimism trending above the 100-day SMA | Source: OPUSDT on Tradingview.com

Also, the Relative Strength Index (RSI) indicates that Optimism could continue its surge toward the $1.8 resistance level. The signal line has risen above 50% and is trending around 69%, suggesting that upbeat pressure remains strong in the market.

On the daily chart, OP’s price is demonstrating stability following a successful rejection at the $1.4 mark. This steadiness suggests that the bullish momentum may persist, potentially enabling the price to rise further toward the $1.8 resistance level and the 100-day SMA. If the bulls continue to exert their influence, it could set the stage for more gains and reinforce the upward trend.

Optimism
OP maintains momentum after a rejection at $1.4 Source: OPUSDT on Tradingview.com

Finally, the 1-day RSI indicates that bullish momentum for Optimism is building up, with the signal line currently around 50.81% after surpassing the 50% mark, indicating a potential for additional upward movement for the asset.

Momentum And Market Moves: What’s Next For Optimism As It Eyes $1.8?

Should the current propitious pressure continue and drive OP’s price above the $1.8 level, it could signal the beginning of a bullish rally. The breakout might propel the asset toward the next resistance at $3 and potentially higher levels.

However, if Optimism rebounds from the $1.8 level, it might retrace to its previous low of $1. A break below this level could indicate further downside momentum, potentially leading the cryptocurrency toward the $0.4 range and other lower levels.

Optimism
OP trading at $1.45 on the 1D chart | Source: OPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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