Is it Too Late to Buy Optimism? OP Price Blasts Up 27% in a Week and Web3 Coin LPX May be The Next Crypto To Explode – Here's Why
Optimism (OP) is demonstrating an impressive recovery, having surged 27% in the past week following a new YTD low of $0.895 on June 10. OP is currently trading at $1.411, indicating a 4.06% increase so far today.
Optimism is currently attempting to surpass the reverse Fib 0.5 level at $1.386. This level coincides with a significant horizontal range of $1.363 to $1.419, which had previously acted as resistance in November and September of 2022. Let's take a look at what might be next for OP.
The 20-day, 50-day, and 100-day EMAs are currently sitting at $1.300, $1.504, and $1.720, respectively.
These EMAs can provide valuable insights into the overall market trend and potential support and resistance levels.
In the case of Optimism, the 20-day EMA is acting as possible immediate support, while the 50-day EMA is in line with a significant resistance level.
The RSI is currently at 54.22, up from yesterday's 51.16. Although not yet in overbought territory, the RSI indicates a growing bullish momentum.
Meanwhile, the MACD histogram is at 0.049, also suggesting a potential trend reversal.
Traders are advised to closely monitor the resistance level at the Fib 0.618 level, currently valued at $1.502.
This level coincides with the 50-day EMA at $1.504, as well as the horizontal resistance level ranging from $1.483 to $1.557.
The existence of multiple confluences suggests that this level holds significant resistance.
In terms of immediate support, Optimism is currently trading around the Fib 0.5 level at $1.386, in confluence with the horizontal support level of $1.363 to $1.419.
If this level doesn't hold, the next potential support is the 20-day EMA at $1.300.
Optimism's market cap has increased by 1.87% to $910 million, while the 24-hour
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