Resistance

Optimism

<ul class="list-ic vertical">
 <li><span>1</span> <a>OP token price has broken the lower trendline support and is depicting selling pressure.</a></li>
 <li><span>2</span> <a>The technical indicators are suggesting a decline toward the $3 mark.</a></li>
</ul>
<p>The Optimism token (OP) price is undergoing follow-on selling pressure and has slipped to the 100-Day EMA mark. Moreover, the token broke under a rising wedge pattern, losing momentum over the past few sessions. The price action signifies a rejection near the $5 mark and sellers have arrived and aggressively pushed OP price this week.</p>
<p>At press time, the Optimism crypto (OP) price was trading at $3.59 with an intraday drop of 5.15%, indicating selling pressure on the charts. It has a monthly return ratio of -6.74% and 32.80% yearly. The pair of OP/BTC is at 0.0000536 BTC, and the market cap is $773.74 Million. Analysts are neutral and suggest the <a href="https://www.thecoinrepublic.com/2024/02/23/optimism-crypto-can-op-crypto-price-exhibit-a-tremendous-plunge/" rel="noopener noreferrer nofollow">OP crypto</a> price will face further selloff and may retest the 200-Day EMA support zone soon.</p>
<h2 class="wp-block-heading" id="strong-optimism-in-sellers-control-can-bears-push-op-below-3-mark-strong"><strong>Optimism In Sellers Control, Can Bears Push OP Below $3 Mark?</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (OP), Volume (OP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-10-10T00%3A00%3A00.000Z&amp;dt=2024-03-17T18%3A29%3A59.464Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%232e934a%3B%23c6c8ce&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>The chart shows that the token has eroded the initial gains and has slipped to the 100-Day EMA mark. Despite the market surge, the Optimism token has not participated and did not contribute gains, revealing the bearishness. Moreover, the trading volume remained on a lower note at around $375 Million; a drop of over 110% was reported this week.</p>
<h2 class="wp-block-heading" id="strong-price-volatility-on-a-higher-note-sentiments-remain-negative-strong"><strong>Price Volatility On a Higher Note, Sentiments Remain Negative</strong></h2> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (OP), Price Volatility 1w (OP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-10-10T00%3A00%3A00.000Z&amp;dt=2024-03-17T18%3A29%3A59.464Z&amp;emcg=1&amp;emhwm=1&amp;wm=sentiment_volume_consumed_total%3Bprice_volatility_1w&amp;wax=0%3B1&amp;wc=%233b6dc6%3B%23FF5B5B&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
<p>The above data shows that the decrease in price along with an increase in volatility signifies that sellers have entered a battle and that investors might be panicking, triggering a correction phase in the last few sessions. Moreover, the volatility curve rose by over 220% to the value of 0.084 this week. Conversely, the total weighted sentiment noted a sharp fall of over 450% and the value slipped from a positive mark of 3.40 to a negative mark of -1.6.</p>
<h3 class="wp-block-heading" id="strong-social-dominance-and-investor-holding-analysis-strong"><strong>Social Dominance and Investor Holding Analysis&nbsp;</strong></h3> <iframe loading="lazy" title="Santiment Chart: Social Dominance (OP), Social Volume (OP), Total Amount Of Holders (OP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-10-10T00%3A00%3A00.000Z&amp;dt=2024-03-17T18%3A29%3A59.464Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Bsocial_volume_total%3Bholders_distribution_total&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%23c2e0e7%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D%3B%7B%22node%22%3A%22area%22%7D" scrolling="no"></iframe>
<p>Per the Santiment data, the token has witnessed average fluctuations in the social dominance and the social volume activity. The data reveals a neutral investor participation and the dominance value floats near 1.355%, whereas the social volume floats near 170. However, data of the total amount of holders signifies a steady move and remained at 1.23 Million.</p>
<h3 class="wp-block-heading" id="strong-development-activity-and-contribution-outlook-strong"><strong>Development Activity and Contribution Outlook</strong></h3> <iframe loading="lazy" title="Santiment Chart: RSI 7d (OP), Development Activity (OP), Dev. Activity Contributors Count (OP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-10-10T00%3A00%3A00.000Z&amp;dt=2024-03-17T18%3A29%3A59.464Z&amp;emcg=1&amp;emhwm=1&amp;wm=rsi_7d%3Bdev_activity%3Bdev_activity_contributors_count&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%238358FF%3B%23FFCB47&amp;ws=%7B%22__appliedInterval%22%3Atrue%2C%22interval%22%3A%227d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D%3B" scrolling="no"></iframe>
<p>The chart shows that, amidst the notable surge in the development activity of over 150% this month, the token price kept on declining which reflects a negative outlook. This week, the development activity noted a steady move and is hovering around the 82 mark. Additionally, the development activity contributors count showed a notable decline and the value dragged to 3.</p>
<p>Furthermore, the Relative Strength Index (RSI) curve slipped to the midline and a negative crossover was noted on the charts. The total supply of the Optimism token is 4.29 Billion, whereas the value to market cap ratio is 0.482.</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>The Optimism crypto (OP) token price witnessed selling pressure and the price is heading on a declining note this week. Despite the bullish market sentiments, the token is delivering bearish waves and may continue to retrace in the next sessions.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p><strong>Support Levels:</strong> $3.20 and $3</p>
<p><strong>Resistance Levels:</strong> $4 and $4.40</p>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>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.&nbsp;</p>

OP Price Prediction: Bulls In Trouble, Can OP Drags To $3 Mark?

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