Momentum

Optimism

Rise

The post <a href="https://coinpedia.org/price-analysis/optimism-price-loses-momentum-amid-whale-activity-op-to-record-15-correction-soon/" rel="noopener noreferrer nofollow">Optimism Price Loses Momentum Amid Whale Activity! OP To Record 15% Correction Soon?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The crypto industry continues to display significant price volatility in recent times. Further, top altcoins have recorded a notable correction in their respective values, highlighting a bearish influence in the market. On the other hand, the OP price has recorded a loss of over 11% within the past day.
The <a href="https://coinpedia.org/price-prediction/optimism-op-price-prediction/" rel="noopener noreferrer nofollow">OP price</a> traded in a closed range between $1.639 and $1.928 for over a week, after which the market gained momentum and the price broke out of the range. However, the rally was short-lived as the OP price faced rejection at the resistance level of $2.411.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/TUwq526U_OuwYRrQbHpq1G-PF_xeZ45mQCNMjXny_DKrt275YdsamLhk9gzJD4ZuHRrZFgIVMaXyiBEbJmKr0GUKP0G_D6ytuXBfJjx_2ALk42UOWBwpm6jzs8uAulX1_30wLwXedvVllInOr7eFDaU" alt="Optimism Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: OP/USDT
 </figcaption>
</figure>
Following this, the price traded sideways briefly, indicating neutral sentiments for the coin in the market. After multiple attempts, the OP token broke its resistance level and jumped over 45%.
The Optimism token traded sideways in a consolidated range between $2.991 and $3.50 for about a week, after which the price recorded a jump of approximately 26%.
After facing rejection at $4.155, the price has been constantly trading under a bearish influence and has experienced a correction of about 16% in its valuation.
<h2 class="wp-block-heading" id="h-will-op-price-rise-back-up">Will OP Price Rise Back Up?</h2>
The MACD displays a rising red histogram, indicating an increase in the selling pressure in the market. Moreover, the averages show a decline in the chart, suggesting the price will continue losing value in the coming time.
If the market holds the price above the support level of $3.50, the bulls will regain power and retest their resistance level of $4.155 over the weekend. Further, if the Optimism price holds itself at that level, it will rise and test its upper resistance level of $4.5 in the coming time.
Conversely, if the bears overpowered the bulls, the price would fall and test its support level of $2.991 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $2.411.

Optimism Price Loses Momentum Amid Whale Activity! OP To Record 15% Correction Soon?

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