The price of Optimism (OP) has struggled against tether (USDT) in recent weeks after seeing its price rejected from $2.5. Bitcoin\u2019s (BTC) price showed some great strength bouncing off from a low of $18,500 to a high of $21,000. This movement has affected other altcoins as most cryptocurrencies produce double-digit gains, including Optimism (OP). (Data from Binance)<\/p>\n
Optimism (OP) Price Analysis On The Weekly Chart\u00a0<\/p>\n
The price of OP has had difficulty replicating its bullish move that saw the price rally to $2.5 in recent months as it rallied with a good bullish sentiment.\u00a0<\/p>\n
After falling from an all-time high of $2.5, OP has struggled to stay afloat as the price fell to a low of $1. OP price has formed good support at $1 with what looks like an area of interest for buyers and investors.<\/p>\n
The price of OP closed the week on a high with the new week looking more bullish; this shows strength to recover, and with this momentum from OP, we could see the price revisiting the $2 mark, where it will face resistance to trend higher.<\/p>\n
The price of OP is faced with resistance at $2, and if the price of OP flips this region, we could see the price going to a region of $2.5 and even higher.<\/p>\n
If the price of OP sustains this bullish bias, the price has a better chance of breaking past $2 and going higher with good buy volume.<\/p>\n
Weekly resistance for the price of OP \u2013 $2.<\/p>\n
Weekly support for the price of OP \u2013 $1.<\/p>\n
Price Analysis Of OP On The Daily (1D) Chart OP saw its price rejected from $2.5 as the price fell to a low of $1; the price of OP bounced from this after form support to hold off sell orders.<\/p>\n The price of OP rallied from the low of $1 to $1.2, where it faced resistance as prices continued to range between $1 to $1.2.\u00a0<\/p>\n After forming a bullish symmetric triangle<\/a>, the price of OP broke out with strong bias as the price could go from $1.5-$2. A close OP above $1.25 could see the price rally higher after showing bullish movements.<\/p>\n The price of OP trades at $1.28, trying to break and hold above the 50 Exponential Moving Averages (EMA) on the daily timeframe. The price at $1.2 corresponds to the 50 EMA acting as resistance to the price of OP.<\/p>\n OP needs to break above the 23.1% Fibonacci retracement value acting as resistance for the price of OP. If OP breaks and closes above this region, we could see the price going to $1,5.<\/p>\n Daily resistance for the OP price \u2013 $1.5-$2.<\/p>\n Daily support for the OP price \u2013 $1.2-$1.<\/p>\n OP Price Analysis On The Four-Hourly (4H) Chart The price of OP in the 4H timeframe continues to look bullish after breaking out of a symmetric triangle with bullish signs; the price retested above the 200 EMA bullish signs could be on the cards.\u00a0<\/p>\n OP price trades above the 50 EMA and 200 EMA, with the prices corresponding to $1.1 and $1.22 acting as support areas for the price of OP.<\/p>\n On the 4H chart, the Relative Strength Index (RSI) for OP is below 60, indicating high buy order volume for OP price.<\/p>\n Four-Hourly resistance for the OP price \u2013 $1.5.<\/p>\n Four-Hourly support for the OP price \u2013 $1.2.<\/p>\n Featured Image From Coinx3, Charts From<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The price of Optimism (OP) has struggled against tether (USDT) in recent weeks after seeing its price rejected from $2.5. Bitcoin\u2019s (BTC) price showed some great strength bouncing off from a low of $18,500 to a high of $21,000. This movement has affected other altcoins as most cryptocurrencies produce double-digit gains, including Optimism (OP). (Data from Binance)<\/p>\n Optimism (OP) Price Analysis On The Weekly Chart\u00a0<\/p>\n The price of OP has had difficulty replicating its bullish move that saw the price rally to $2.5 in recent months as it rallied with a good bullish sentiment.\u00a0<\/p>\n After falling from an all-time high of $2.5, OP has struggled to stay afloat as the price fell to a low of $1. OP price has formed good support at $1 with what looks like an area of interest for buyers and investors.<\/p>\n The price of OP closed the week on a high with the new week looking more bullish; this shows strength to recover, and with this momentum from OP, we could see the price revisiting the $2 mark, where it will face resistance to trend higher.<\/p>\n The price of OP is faced with resistance at $2, and if the price of OP flips this region, we could see the price going to a region of $2.5 and even higher.<\/p>\n If the price of OP sustains this bullish bias, the price has a better chance of breaking past $2 and going higher with good buy volume.<\/p>\n Weekly resistance for the price of OP \u2013 $2.<\/p>\n Weekly support for the price of OP \u2013 $1.<\/p>\n Price Analysis Of OP On The Daily (1D) Chart OP saw its price rejected from $2.5 as the price fell to a low of $1; the price of OP bounced from this after form support to hold off sell orders.<\/p>\n The price of OP rallied from the low of $1 to $1.2, where it faced resistance as prices continued to range between $1 to $1.2.\u00a0<\/p>\n
\nDaily OP Price Chart | Source: OPUSDT On Tradingview.com<\/a><\/p>\n
\nFour-Hourly OP Price Chart | Source: OPUSDT On Tradingview.com<\/a><\/p>\n
\nDaily OP Price Chart | Source: OPUSDT On Tradingview.com<\/a><\/p>\n