Optimism (OP) Price Prediction: Is The Bull Run Coming Ahead?

• 1 Optimism (OP) price has reverted from the support zone and reached the 50 day EMA mark.
• 2 A break and close above the $3 mark, may disclose the bull run.

The Optimism (OP) crypto has formed a rising parallel channel and reverted the gains from the bottom mark of $2. 

Amidst the notable correction over 25% last month, the buyers have back into the game and actively engaged in accumulation. Meanwhile, the OP token price is still facing resistance from the 20-Day EMA. To unlock the bull run, bulls need to smash the neckline hurdle of $3, which might lead to short covering and trigger the rally.

At press time, the Optimism crypto (OP) price traded at $2.59 with an intraday drop of 1.09%, reflecting a reversal on the chart. It has a monthly return ratio of -22.30% and 51.28% yearly.

The pair of OP/BTC is at 0.0000422 BTC, and the market cap is $557.15 Million. Analysts are neutral and suggest that the OP price may stretch the rebound and will meet the $3 mark soon.

Optimism (OP): Rally Might Unlock Soon

On the daily charts, the Optimism (OP) price has triggered the reversal from the support mark of $2 and has constituted a rising parallel channel. Additionally, fresh higher high swings were denoted.

Recently, the Optimism crypto has witnessed a rising wedge breakdown and corrected over 25%. Afterward, healthy retracement was noted, which led to retest the 38.2% Fibonacci retracement zone.

Source: TradingView

This week, the trading volume significantly increased and surged over 14.89% to $165.19 Million. Going forward, the Optimism (OP) crypto is poised for an up move and might rally, if bulls succeed to cross the $3 mark.

Price Volatility & Weighted Sentiment Outlook

Amidst the flat price movement, the price volatility relatively dropped over 2.87% and stays around 0.014, implying low selling pressure.

Source: Santiment

The total weighted sentiment value stayed close to the midline, noting around -0.373, highlighting the neutral outlook. The overall trend is neutral and the sellers are on the verge to get trapped and bulls are looking confident in the last sessions.

Will Positive Development Favor The Optimism (OP) Price?

Welcoming L3s to the Superchain!!

OP Stack is expanding support to L3s by rolling out key feature requests:

⛽️Custom Gas Tokens
⛓️Plasma Mode
🪙Access to Superchain ecosystem support: Retro Funding, Airdrops, and developer grant programs

Learn more here: https://t.co/PB6MV9A2ON

— Ryan Wyatt (@Fwiz) May 8, 2024

Source: X

This week, the OP Stack, an open standard codebase, has started rolling out its key features to support the Layer 3 Superchain, which might trigger the bull run.

However, the social volume of the Optimism crypto remained flat and had a slight decline, noted at 237.

Source: Santiment

Conversely, the development activity skyrockets to the top, witnessing a consistent up move, noting around at 588.

Futures Open Interest

The derivative data signifies fresh long additions and the open interest spiked over 0.89% to $135.36 Million. However, the long/short ratio was noted at 0.9775. 

The Momentum Indicator (Relative Strength Index) looks neutral, and the curve stays close to the midline at 52, replicating a positive divergence. The Optimism token, which ranked 129 in market capitalization, reflected a significant trend reversal and is anticipating a bull rally ahead. 

The immediate support levels for the Optimism crypto (OP) are $2.20 and $2, whereas the key upside hurdle is around $2.80, followed by $3.

Conclusion

The Optimism crypto price gained momentum and has reverted the gains from the bottom mark of $2. Still, the token trades below the 20 day EMA mark, which implies that sellers have yet not covered their positions.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.