Optimism (OP) prints sell signals following noteworthy price jump

November 18, 2023 03:49 AM PST | By Invezz
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Optimism (OP) price has remained elevated lately, with the alternative token surging more than 40% over the past 30 days. However, the uptrends appear ready to pause, and the daily chart shows sell signals emerging following the 2.65% dip in the previous day.

OP 1D Chart on Coinmarketcap

Optimism price loses upside steam

OP price jumped over 40% within the previous month. That came as the altcoin gained remarkable bullishness between 20 October and 13 November to print a local high at $1.98. Trading at $1.68 at press time, Optimism faces crucial resistances at $1.86 and $1.80.

While OP maintained upsides even as the Momentum Reversal Indicator displayed a sell signal, holders are taking profits, contributing to Optimism’s current bearish prices.

The Relative Strength Index suggests reducing bullish momentum as it nears the 50-mean level. Breaching this zone to the downside could see OP prices dropping by 15% to $1.40. Also, the Awesome Oscillator displays decreasing buyer activity.

Potential turnaround

Meanwhile, a sudden buying momentum uptick might see Optimism price reversing its trend to explore northbound movements. A 24-hour candle closing beyond $1.86 might present a support barrier that catalyzes solid upswings. The alt should surpass the $1.98 breakout level for a possible 10% gain to $2.20.

Also, Optimism has seen investor support despite bearish movements. For instance, whales capitalized on OP’s discounted prices to steadily buy the asset. That confirmed that large-scale crypto investors are confident about the asset’s potential recovery.

Optimism enthusiasts should follow broad market developments to determine OP’s trajectory in the upcoming sessions.

The post Optimism (OP) prints sell signals following noteworthy price jump appeared first on Invezz


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