In this Optimism (OP) price prediction 2023, 2024-2030, we will analyze the price patterns of OP by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Optimism (OP) Current Market Status/h2
OP Current Market Status (Source: CoinMarketCap)h2 What is Optimism (OP)/h2
Optimism (OP) is a layer-two blockchain on top of Ethereum. Optimism benefits from the security of the Ethereum mainnet and helps scale the Ethereum ecosystem by using optimistic rollups. It is one of the biggest scaling solutions for Ethereum with over $300 million in TVL. Optimism is led by the Optimism Foundation, a nonprofit organization dedicated to growing the Optimism ecosystem. Furthermore, it aims for the minimum number of moving parts while building a layer-two solution for Ethereum.
h2 Optimism 24H Technicals/h2
(Source: TradingView)
h2 Optimism (OP) Price Prediction 2024/h2
Optimism (OP) ranks 25th on CoinMarketCap in terms of its market capitalization. The overview of the Optimism price prediction for 2024 is explained below with a daily time frame.
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In the above chart, Optimism (OP) laid out a rounding bottom pattern. The price movements form a pattern that resembles a bow and hence is also known as the saucer bottom pattern. In general, the rounding bottom pattern indicates a long-term price reversal. This pattern also emphasizes the changes in the market sentiment as the trend seems to shift from bearish to bullish. Investors generally have to stay cautious and time the market well. If the price breaks and moves past the resistance level, it will enter a confirmed bullish trajectory.
At the time of analysis, Optimism (OP) was recorded at $3.84. If the pattern trend continues, then the price of OP might reach the resistance levels of $4.374 and $14.951. If the trend reverses, then the price of OP may fall to the support of $1.158.
h2 Optimism (OP) Resistance and Support Levels/h2
The chart given below elucidates the possible resistance and support levels of Optimism (OP) in 2024.
OP/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as resistance and support levels of Optimism (OP) for 2024.
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Bitcoin (OP) are shown in the chart below.
OP/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the current Optimism (OP) market in 2024.
In the below chart, we analyze the strength and volatility of Optimism (OP) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
OP/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the price momentum of Optimism (OP).
h2 Comparison of OP with BTC, ETH/h2
Let us now compare the price movements of Optimism (OP) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs OP Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of OP is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of OP also increases or decreases respectively.
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Optimism (OP) between 2025, 2026, 2027, 2028, 2029, and 2030.
h3 Conclusion/h3
If Optimism (OP) establishes itself as a good investment in 2024, this year would be favorable to the cryptocurrency. In conclusion, the bullish Optimism (OP) price prediction for 2024 is $6.435. If unfavorable sentiment is triggered, the bearish Optimism (OP) price prediction for 2024 is $1.997.
If the market momentum and investors’ sentiment positively elevate, then Optimism (OP) might hit $10. Furthermore, with future upgrades and advancements in the Optimism ecosystem, OP might surpass its current all-time high (ATH) of $4.57 and mark its new ATH.
This content was originally published by our partners at The News Crypto .
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The News Crypto
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