Rally

Momentum

Optimism

<ul class="list-ic vertical">
 <li><span>1</span> <a>Optimism (OP) price has reverted from the support zone and reached the 50 day EMA mark.</a></li>
 <li><span>2</span> <a>A break and close above the $3 mark, may disclose the bull run.</a></li>
</ul>
<p>The Optimism (OP) crypto has formed a rising parallel channel and reverted the gains from the bottom mark of $2.&nbsp;</p>
<p>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.</p>
<p>At press time, the <strong>Optimism crypto </strong>(<strong>OP</strong>) 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.</p>
<p>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<strong> OP </strong>price may stretch the rebound and will meet the $3 mark soon.</p>
<h2 class="wp-block-heading" id="strong-optimism-op-rally-might-unlock-soon-strong"><strong>Optimism (OP): Rally Might Unlock Soon</strong></h2>
<p>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.</p>
<p>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.</p> 
<p><a href="https://www.tradingview.com/chart/OPUSDT/mMW5UAuC-OP-Price/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow"></a></p> 
<p class="has-text-align-center">Source: TradingView</p>
<p>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.</p>
<h3 class="wp-block-heading" id="strong-price-volatility-weighted-sentiment-outlook-strong"><strong>Price Volatility &amp; Weighted Sentiment Outlook</strong></h3>
<p>Amidst the flat price movement, the price volatility relatively dropped over 2.87% and stays around 0.014, implying low selling pressure.</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (OP), Weighted sentiment (Total) (OP)" width="1170" height="400" src="https://embed.santiment.net/chart?ps=arb-arbitrum&amp;pt=ARB&amp;df=2023-11-08T18%3A29%3A59.953Z&amp;dt=2024-05-08T18%3A29%3A59.953Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_volatility_1d%3Bo-optimism%3BOP%5D%3B%5B1%3Bsentiment_volume_consumed_total%3Bo-optimism%3BOP%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>The total weighted sentiment value stayed close to the midline, noting around -0.373, highlighting the <a href="https://www.thecoinrepublic.com/2023/12/21/will-audius-break-the-1-barrier-by-2025-a-5-year-outlook/" target="_blank" rel="noopener noreferrer nofollow">neutral outlook</a>. The overall trend is neutral and the sellers are on the verge to get trapped and bulls are looking confident in the last sessions.</p>
<h3 class="wp-block-heading" id="strong-will-positive-development-favor-the-optimism-op-price-strong"><strong>Will Positive Development Favor The Optimism (OP) Price?</strong></h3>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Welcoming L3s to the Superchain!!<br><br>OP Stack is expanding support to L3s by rolling out key feature requests:<br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26fd.png" alt="⛽" class="wp-smiley" style="height: 1em; max-height: 1em;">Custom Gas Tokens<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26d3.png" alt="⛓" class="wp-smiley" style="height: 1em; max-height: 1em;">Plasma Mode<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1fa99.png" alt="🪙" class="wp-smiley" style="height: 1em; max-height: 1em;">Access to Superchain ecosystem support: Retro Funding, Airdrops, and developer grant programs<br><br>Learn more here: <a href="https://t.co/PB6MV9A2ON" rel="noopener noreferrer nofollow">https://t.co/PB6MV9A2ON</a></p>— Ryan Wyatt (@Fwiz) <a href="https://twitter.com/Fwiz/status/1788268667442176216?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 8, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">Source: X</p>
<p>This week, the OP Stack, an open <a href="https://www.thecoinrepublic.com/2023/07/20/investments-that-make-kevin-o-leary-a-big-and-shrewd-crypto-whale/" target="_blank" rel="noopener noreferrer nofollow">standard codebase</a>, has started rolling out its key features to support the Layer 3 Superchain, which might trigger the bull run.</p>
<p>However, the social volume of the Optimism crypto remained flat and had a slight decline, noted at 237.</p> <iframe loading="lazy" title="Santiment Chart: Social Volume (OP), Development Activity (OP)" width="1170" height="400" src="https://embed.santiment.net/chart?ps=arb-arbitrum&amp;pt=ARB&amp;df=2023-11-08T18%3A29%3A59.953Z&amp;dt=2024-05-08T18%3A29%3A59.953Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_volume_total%3Bo-optimism%3BOP%5D%3B%5B1%3Bdev_activity%3Bo-optimism%3BOP%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22line%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>Conversely, the development activity skyrockets to the top, witnessing a consistent up move, noting around at 588.</p>
<p><strong>Futures Open Interest</strong></p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="238" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-119-1024x238.png" alt="" class="wp-image-205035" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-119-1024x238.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-119-300x70.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-119-768x178.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-119-750x174.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-119-1140x265.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-119.png 1446w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><br>Source: CoinGlass
  </figcaption>
 </figure>
</div>
<p>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.&nbsp;</p>
<p>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.&nbsp;</p>
<p>The immediate support levels for the <strong>Optimism crypto (OP)</strong> are $2.20 and $2, whereas the key upside hurdle is around $2.80, followed by $3.</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>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.</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<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>

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

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Thecoinrepublic.com

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