Optimism: OP Could Fall Further to $1.58 But Can Only Recover If…
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- Optimism has fallen by 8.67% in the past 24 hours.
- OP has encountered significant downward pressure, but analysts anticipate a rebound following the decline.
After reaching $2.7 a month ago,
Optimism [OP] has been on a prolonged descent. As of now, Optimism is trading at approximately $1.67.
This represents an 8.67% decrease on daily charts and also shows drops of 4.29% and 5.28% on weekly and monthly charts respectively.
This ongoing decline has resulted in mixed feelings among market participants—raising two pivotal questions: can we expect a recovery or will the bearish trend persist?
Insights from OP’s Charts
The analysis by AskFX indicates that Optimism is experiencing notable downward momentum with sellers dominating the market.
Source: TradingView.
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This selling pressure reflects recent bearish crossovers seen in Stoch RSI and RVGI. p >
OP underwent a bearish crossover indicated by its Stoch; this points to increasing downward momentum while upward movement diminishes. p >
A similar crossover on the Relative Vigor Index corroborates this trend; the negative crossover denotes that altcoins are incurring greater losses compared to gains. p >
Source: IntoTheBlock.
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Looking more closely, there’s been a significant decrease in active addresses connected with Optimism.
Users appear to be departing from the network, indicating negative sentiments due to insufficient new user influx within the market.
This could lead further to lowered adoption rates.
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The altcoin’s DAA divergence turning negative serves as additional evidence for low adoption and reduced network activity.
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Total net inflows have recently surged into positive territory over past days,
which can often indicate increased trader transfers of assets onto exchanges,
raising potential for subsequent selling pressures that could further diminish price levels.
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Analysts project potential optimism resurgence notwithstanding prevailing downward pressures,
with Ali Martinez forecasting OP might escalate towards $3.50,
perhaps signaling it’s nearing local lows.
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Short-term anticipations still reveal substantial selling pressures alongside persistent bearish sentiment.
Current projections hint at potentials for OP dipping towards $1.58—if recovery unfolds successfully, altcoins might strive back towards reclaiming support around $1.83.
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Note: The editing remains focused strictly on enhancing clarity while preserving all essential data points regarding ‘Optimism (OP)’.
