{"id":10471,"date":"2022-10-24T22:52:51","date_gmt":"2022-10-25T02:52:51","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=10471"},"modified":"2022-10-24T22:52:51","modified_gmt":"2022-10-25T02:52:51","slug":"optimism-op-cracks-double-digit-gains-can-bulls-breach-1-mark","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/10\/24\/optimism-op-cracks-double-digit-gains-can-bulls-breach-1-mark\/","title":{"rendered":"Optimism (OP) Cracks Double-digit Gains, Can Bulls Breach $1 Mark?"},"content":{"rendered":"

OP\u2019s price shows the first sign of bounce after seeing its price bottom at the $0.6 support zone.\u00a0<\/strong>
\nOP bounced off its downtrend movement as price eyes a break from its downtrend to a region of $1.\u00a0<\/strong>
\nThe price of OP breaks out of its daily downtrend, acting as a resistance line as the price trades below the 50 Exponential Moving Average (EMA).<\/strong><\/p>\n

Despite many traders and investors expecting the month of October to be fruitful for most crypto, including Optimism (OP), the price of Optimism (OP) has had a difficult start. In recent weeks, the price of OP has failed to replicate the rally from a low of $0.5 to a high of $2. The crypto market, including the big players like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), has had a quiet month as the prices of most altcoins have found themselves fighting for survival as they seek to defend their key support areas. (Data from Binance)<\/p>\n

Optimism (OP) Price Analysis On The Weekly Chart<\/h2>\n

Optimism has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of OP hasn\u2019t enjoyed a measure of relief after showing so much strength on the weekly chart rallying from a low of $0.5 to a high of $2.4 with many becoming interested as to what OP will accomplish.\u00a0<\/p>\n

After the price of OP rallied to a high of $2.4 with what is its all-time high, the price has faced so much downtrend as the price dropped to a weekly low of $0.6; the price rallied from this low to a high of $0.7, where the price faced resistance to breaking above this region.<\/p>\n

The price of OP bounced from its low after facing several rejections to trend; with the week looking more interesting for most crypto projects like OP, we could see a rally to a high of $0.9-$1.\u00a0<\/p>\n

OP\u2019s price needs to maintain this structure as the price heads into the monthly close; if OP continues, we could see a price trend toward $1.<\/p>\n

Weekly resistance for the price of OP \u2013 $1.<\/p>\n

Weekly Support for the price of OP \u2013 $0.6.<\/p>\n

Price Analysis Of OP On The Daily (1D) Chart<\/h2>\n

Daily OP Price Chart | Source: OPUSDT On Tradingview.com<\/a><\/p>\n

In the daily timeframe, the price of OP continues to trade below the key resistance formed at 50 EMA after breaking out of its descending triangle. The price of $0.9 acts as the resistance holding the price of OP from trending higher, which corresponds to the value of the 50 EMA.<\/p>\n

The price of OP needs to break and hold above $0.9 for the price to trend higher to a region of $1, which is a key supply zone for most traders. If the OP price fails to break above this region, we could see the price retest its Support at $0.65.<\/p>\n

Daily resistance for the OP price \u2013 $0.9-$1.<\/p>\n

Daily Support for the OP price \u2013 $0.65.<\/p>\n

Featured Image From zipmex, Charts From Tradingview<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

OP\u2019s price shows the first sign of bounce after seeing its price bottom at the $0.6 support zone.\u00a0<\/strong>
\nOP bounced off its downtrend movement as price eyes a break from its downtrend to a region of $1.\u00a0<\/strong>
\nThe price of OP breaks out of its daily downtrend, acting as a resistance line as the price trades below the 50 Exponential Moving Average (EMA).<\/strong><\/p>\n

Despite many traders and investors expecting the month of October to be fruitful for most crypto, including Optimism (OP), the price of Optimism (OP) has had a difficult start. In recent weeks, the price of OP has failed to replicate the rally from a low of $0.5 to a high of $2. The crypto market, including the big players like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), has had a quiet month as the prices of most altcoins have found themselves fighting for survival as they seek to defend their key support areas. (Data from Binance)<\/p>\n

Optimism (OP) Price Analysis On The Weekly Chart<\/h2>\n

Optimism has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of OP hasn\u2019t enjoyed a measure of relief after showing so much strength on the weekly chart rallying from a low of $0.5 to a high of $2.4 with many becoming interested as to what OP will accomplish.\u00a0<\/p>\n

After the price of OP rallied to a high of $2.4 with what is its all-time high, the price has faced so much downtrend as the price dropped to a weekly low of $0.6; the price rallied from this low to a high of $0.7, where the price faced resistance to breaking above this region.<\/p>\n

The price of OP bounced from its low after facing several rejections to trend; with the week looking more interesting for most crypto projects like OP, we could see a rally to a high of $0.9-$1.\u00a0<\/p>\n

OP\u2019s price needs to maintain this structure as the price heads into the monthly close; if OP continues, we could see a price trend toward $1.<\/p>\n

Weekly resistance for the price of OP \u2013 $1.<\/p>\n

Weekly Support for the price of OP \u2013 $0.6.<\/p>\n

Price Analysis Of OP On The Daily (1D) Chart<\/h2>\n

Daily OP Price Chart | Source: OPUSDT On Tradingview.com<\/a><\/p>\n

In the daily timeframe, the price of OP continues to trade below the key resistance formed at 50 EMA after breaking out of its descending triangle. The price of $0.9 acts as the resistance holding the price of OP from trending higher, which corresponds to the value of the 50 EMA.<\/p>\n

The price of OP needs to break and hold above $0.9 for the price to trend higher to a region of $1, which is a key supply zone for most traders. If the OP price fails to break above this region, we could see the price retest its Support at $0.65.<\/p>\n

Daily resistance for the OP price \u2013 $0.9-$1.<\/p>\n

Daily Support for the OP price \u2013 $0.65.<\/p>\n

Featured Image From zipmex, Charts From Tradingview<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-10471","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=10471"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10471\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=10471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=10471"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=10471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}