Momentum

Million

Optimism

<ul class="list-ic vertical">
 <li><span>1</span> <a>Optimism (OP) price exited from the rising channel and faced a barrier around the $3 mark.</a></li>
 <li><span>2</span> <a>Buyers have failed to hold the gains and lacked momentum.</a></li>
</ul>
<p>The <strong>Optimism (OP) token price</strong> failed to overtake the 200-day EMA mark and faced rejection, which led to a drop of over 12% this week.</p>
<p>Meanwhile, the token witnessed a <strong>trend reversal from the bottom</strong> and might continue to stretch the up move ahead.</p>
<p>A break and close above the $3 mark would confirm the trend reversal and can lead to a sharp surge. Until the token trades below the 200-day EMA mark, sellers are in control and will reveal their dominance.</p>
<p>At press time, the<strong> Optimism (OP) token price</strong> traded at $2.55 with an intraday surge of 0.55%, reflecting <strong>neutrality </strong>on the charts. It has a monthly return ratio of 5.23 and 58.28% yearly.</p>
<p>The pair of OP/BTC is at 0.0000367 BTC, and the market cap is $547.62 Million. Analysts are neutral and suggest that the <strong>OP price</strong> may hover around the $3 mark and will replicate the <strong>volatile trend</strong> ahead.</p>
<h2 class="wp-block-heading" id="strong-optimism-in-dilemma-could-it-cross-the-3-mark-strong"><strong>Optimism In Dilemma: Could It Cross the $3 Mark?</strong></h2>
<p>The daily charts of the <strong><a href="https://www.thecoinrepublic.com/2024/05/18/optimism-op-might-perform-well-key-metrics-reveal-sharp-growth/" target="_blank" rel="noopener noreferrer nofollow">Optimism </a>token</strong> highlight the dilemma among the investors. Recently, the token has rebounded from the lows and recovered over 25% last month.&nbsp;</p>
<p>Meanwhile, buyers have yet to sustain above the 200-day EMA, which is a primary concern. If the bulls succeed in crossing the $3 mark, sellers will get trapped, and a sharp up move can be seen.</p> <iframe loading="lazy" title="Santiment Chart: Price (OP), Volume (OP)" width="100%" height="300" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-11-24T18%3A29%3A59.294Z&amp;dt=2024-05-24T18%3A29%3A59.294Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>A recent tweet on the<strong> X platform</strong> articulated that whale activity led to the selloff and resulted in a rejection from the 200-day EMA mark.&nbsp;</p>
<p>However, the buyers have still tried to accumulate and are eyeing to cross the $3 mark.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Optimism (OP) Price Declines Due to Whale Sell-Off <br><br> <a href="https://t.co/gRZM7kTLg1" rel="noopener noreferrer nofollow">https://t.co/gRZM7kTLg1</a></p>— Ripple Van Winkle | Crypto Researcher <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@XRPNews_) <a href="https://twitter.com/XRPNews_/status/1793693375943569866?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 23, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">Source: Twitter</p>
<p>Ranked at 139, the <strong>Optimism token </strong>has a total supply value of 4.29 billion, and the trading volume declined over 63.40% to $268.19 Million in the last 24 hrs.</p>
<p>The Momentum Indicator (<strong>RSI</strong>) curve stays close to the midline and replicates a negative crossover on the charts.</p>
<h3 class="wp-block-heading" id="strong-sudden-drop-in-volatility-and-sentiment-data-strong"><strong>Sudden Drop In Volatility and Sentiment Data&nbsp;</strong></h3>
<p>Following the price rejection near the $3 mark, the price volatility signifies a <strong>sudden spike</strong> and then dropped, hinting the<strong> investor speculation</strong>.</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (OP), Weighted sentiment (Total) (OP)" width="100%" height="300" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-11-24T18%3A29%3A59.294Z&amp;dt=2024-05-24T18%3A29%3A59.294Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_volatility_1d%3Bsentiment_volume_consumed_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<h3 class="wp-block-heading" id="strong-tvl-total-value-locked-witnessed-a-drop-strong"><strong>TVL (Total Value Locked) Witnessed a Drop</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="370" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-58-1024x370.jpeg" alt="" class="wp-image-206981" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-58-1024x370.jpeg 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-58-300x108.jpeg 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-58-768x277.jpeg 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-58-1536x555.jpeg 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-58-750x271.jpeg 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-58-1140x412.jpeg 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-58.jpeg 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: Artemis</p>
<p>This week, followed by the price retracement, the <strong>TVL </strong>of the <strong>OP token</strong> significantly dropped and reached 863 Million, revealing the negative sentiment.</p>
<h4 class="wp-block-heading"><strong>Futures Data Hints Short Buildup</strong></h4>
<p>This week, the fresh short additions in the future data were noted, an early indication of a possible selloff.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="229" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-333-1024x229.png" alt="" class="wp-image-206980" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-333-1024x229.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-333-300x67.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-333-768x172.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-333-750x168.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-333-1140x255.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-333.png 1415w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: coinglass</p>
<p>The <strong>OI data</strong> surged over 6.27% to $204.11 Million in the last 24 hrs, revealing the short buildup activity.</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>The<strong> Optimism (OP) token price</strong> still trades below the 200-day EMA mark and is witnessing a drop in investor interest. While the sentiments have remained positive, which might lead to a potential bull run ahead.</p>

Optimism (OP) Failed To Breach $3: Could It Gain Momentum Ahead?

Table of Contents

Thecoinrepublic.com

Other articles published on May 25, 2024

Solana Price Close to $180 – New SOL Meme Coin Presale Hits $2.5 Million

Top Cryptos Under $1 That Have Insane Price Action Potential (KangaMoon, Dogecoin, and Cardano)

FLOKI & SHIB Perpetual Futures News Fall Flat While Investors Put their Hopes on the Rumoured Coi...

What is Crypto? A Complete Guide

‘Severely undervalued,’ says influencer on PEPE, but activity suggests otherwise

AI Technology Fuels Sophisticated Propaganda by Terrorist Groups

Join our free newsletter for daily crypto updates!