Ponzi

Value

Bitcoin

Optimism

<ul class="list-ic vertical">
 <li><span>1</span> <a>OP price declined over 30%, which signified selling pressure this week.</a></li>
 <li><span>2</span> <a>When writing, the trend appeared weak, and an aggressive follow-on selloff was noted.</a></li>
</ul>
<p>The<strong> Optimism (OP) token price recently </strong>shifted below the $2 mark, leading to an aggressive down move in the past week. Amidst the broader market selloff, most altcoins have faced a turnaround and bled significantly.</p>
<p>The <strong>OP token price</strong> dragged below its key moving averages, revealing lower low swings for the past few weeks. Traded in a falling channel, the token could not exceed the 20-day EMA amidst multiple attempts and conveyed the underperformance.</p>
<p>Until the token retains the $2 mark, further decline will be seen, and the $1 mark can also be retested in the next session. The market tumbled badly in the last few hours, and sellers have shown their upper hand.</p>
<p>At press time, the <strong>Optimism </strong>traded at $1.31 with an intraday drop of 14.36%, reflecting selling pressure on the chart. It has a monthly return ratio of -48.30% and 3.20% yearly, reflecting a downtrend.</p>
<p>The pair of OP/BTC was at 0.0000239 BTC, and the market cap was $282.21 Million at press time. Analysts looked bearish and suggested that the <strong>OP price</strong> may continue to lose gains and would retest the $1 mark soon.</p>
<h2 class="wp-block-heading" id="strong-is-optimism-op-gearing-up-for-further-declines-strong"><strong>Is Optimism (OP) Gearing up for Further Declines?</strong></h2>
<p>The daily charts of the <strong><a href="https://www.thecoinrepublic.com/2023/09/13/optimism-token-op-back-in-game-whales-hit-60-million/" target="_blank" rel="noopener noreferrer nofollow">Optimism token</a> </strong>showed a follow-on selloff and a three-black crow pattern. It revealed that sellers had gained traction and would likely stretch down the move ahead.</p>
<p>The token has reached the yearly low mark of $1.30 and has been making a bearish move. As market leaders, Bitcoin and Ethereum started bleeding gains, it influenced most altcoins and caused a panic selloff in the market.</p> <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=2024-01-05T18%3A29%3A59.106Z&amp;dt=2024-07-05T18%3A29%3A59.106Z&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">OP Price Chart | Source: Santiment</p>
<p>The token has breached its crucial pivot of $1.50 and would likely continue the bearish move toward the $1 mark ahead. Meanwhile, if any bounce happens, the prompt hurdle of $1.80 is the level to be watched out for.</p>
<p>The Relative Strength Index (<strong>RSI</strong>) curve dragged to the oversold region, where a panic selloff was witnessed in the past few trading sessions.&nbsp;</p>
<p>Per the Fib levels, the token has breached its 23.6% zone and guided a heavy selloff while it was on the verge of the lower Bollinger Band support zone.</p>
<h3 class="wp-block-heading" id="strong-a-sharp-surge-in-price-volatility-data-strong"><strong>A Sharp Surge in Price Volatility Data</strong></h3>
<p>When writing, the Weighted Sentiment Data remained flat below the midline region, noted around the -0.117 mark, and conveyed a negative outlook.&nbsp;</p> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (OP), Price Volatility 1d (OP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2024-01-05T18%3A29%3A59.106Z&amp;dt=2024-07-05T18%3A29%3A59.106Z&amp;emcg=1&amp;emhwm=1&amp;wm=sentiment_volume_consumed_total%3Bprice_volatility_1d&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">Weighted Sentiment Data | Source; Santiment</p>
<p>Meanwhile, the price volatility data reflected a massive surge, spiking over 210% to the 0.045 mark, and witnessed a sharp speculative move.</p>
<p>Lieutenant Ponzi tweeted that the OP token has made a butterfly formation and the $0.886 level is the make-or-break zone ahead.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24OP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$OP</a> macro bat and .886 <a href="https://t.co/iIpR5nOURO" rel="noopener noreferrer nofollow">pic.twitter.com/iIpR5nOURO</a></p>— Lieutenant Ponzi (@LieutenantPonzi) <a href="https://twitter.com/LieutenantPonzi/status/1809034743888896144?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 5, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">A Tweet by Lieutenant Ponzi | Source: X</p>
<h3 class="wp-block-heading" id="strong-consistent-decline-in-total-value-locked-tvl-strong"><strong>Consistent Decline in Total Value Locked (TVL)</strong></h3>
<p>Its Total Value Locked (TVL) data witnessed a consecutive decline and dragged to $666 Million, revealing the negative outlook.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="366" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-21-1024x366.jpeg" alt="" class="wp-image-210538" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-21-1024x366.jpeg 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-21-300x107.jpeg 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-21-768x275.jpeg 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-21-1536x549.jpeg 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-21-750x268.jpeg 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-21-1140x408.jpeg 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-21.jpeg 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">TVL Data | Source; Artemis</p>
<h3 class="wp-block-heading" id="strong-futures-oi-data-reflects-panic-among-investors-strong"><strong>Futures OI Data Reflects Panic Among Investors&nbsp;</strong></h3>
<p>Amidst the severe price decline, the investors were in a dilemma and sharply covered their long positions.</p>
<p>The open interest data noted a drop of over 21.30% to $97.84 Million, conveying a long unwinding move in the past 24 hours.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="233" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-56-1024x233.png" alt="" class="wp-image-210539" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-56-1024x233.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-56-300x68.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-56-768x175.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-56-750x171.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-56-1140x259.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-56.png 1455w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">OI Data&nbsp; Source: Coinglass</p>
<p>The immediate support levels for the <strong>OP token</strong> were $1.80 and $1.30, whereas the key upside hurdles were around $2.40, followed by $3 at press time.</p>
<h3 class="wp-block-heading" id="strong-what-s-next-for-optimism-op-amidst-severe-fall-strong"><strong>What’s Next For Optimism (OP) Amidst Severe Fall?</strong></h3>
<p>The <strong>Optimism token price </strong>dragged below its key moving averages and breached its crucial support zone of $1.50, directing a sharp selloff. Meanwhile, the volume-based selloff conveyed the sellers’ strength, and the token might extend the down move ahead.</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.</p>

Optimism (OP) Sees Heavy Selling: Is The $1 Mark Retest Possible

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