Bitcoin

April

Optimism

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Optimism Price Prediction: A majority of major cryptocurrencies have been trading sideways since the completion of the fourth Bitcoin halving on April 19th. Along with the <a href="https://coingape.com/ex-grayscale-director-warns-bitcoin-price-crash-to-52000/" rel="noopener noreferrer nofollow">BTC price</a> wavering around $63000, the market participants see no firm initiation from bulls or bears. However, the layer 2 tokens of the Optimism blockchain, OP, have displayed strong buyer commitment as evidenced by the formation of a new higher low on the daily chart. Should you enter the current dip?
<h2 id="b-optimism-coin-aims-for-a-turnaround-with-a-sharp-intraday-jump-b">Optimism Coin Aims for a Turnaround With a Sharp Intraday Jump</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/x/xkzky1dn.png" alt="BINANCE:OPUSDT Chart Image by sahilmahadik07" width="1815" height="792">
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 OP price
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The Optimism coin has been in a marked decline for the past two months, as indicated by a sharp downward trendline on the daily chart. The coin price reverted thrice from this dynamic resistance indicating the traders continue to sell this asset at market bounce, a key sign of an established downtrend.
However, with the recent <a href="https://coingape.com/markets/crypto-price-prediction-key-altcoin-bitcoin-retreats-to-60k/" rel="noopener noreferrer nofollow">Bitcoin halving</a>, the OP found suitable around the $2 psychological level to form a local bottom. A positive turnaround from this support has uplifted the asset by 45% within a fortnight to the current trade at $2.63.
With a 12.6% intraday jump, the coin price teases a breakout from the overhead trendline. A daily candle closing above the resistance trendline will signal a change in market dynamics favoring buyers.
The post-breakout rally could surge the Optimism coin to a potential target of $3.4, followed by $4, and $4.78.
On a contrary note, if the supply pressure and a descending trendline persist, the ongoing consolidation may prolong aiming for a breakdown below the $2 support.
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:&nbsp;&nbsp;</h2>
<ul>
 <li aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope heading to the 50% midline indicates the negative market sentiment is improving to neutral.</li>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The 20-day EMA slope continues to act as a dynamic resistance to OP price during a bullish bounce and also indicates an accelerated downward trend.</li>
</ul>
The post <a href="https://coingape.com/markets/optimism-price-forecast-is-op-ready-to-hit-4/" rel="noopener noreferrer nofollow">Optimism Price Forecast: Is $OP Ready to Hit $4?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Optimism Price Forecast: Is $OP Ready to Hit $4?

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