Optimism (OP) Dips by 5.30%

The general crypto market seems to be in a bloodbath currently, with most coins dipping with varying magnitudes. The Optimism token is one of those coins that has seen notable price movements today. This token has seen a price decline of 5.30% and has appeared second on the list today. Let’s find out more below.

OP Statistics:

Current Price of Optimism: $1.399

OP’s Market Capitalization: $1.88B

Optimism’s Circulating Supply: 1.35B

OP’s Total Supply: 4.29B OP

Optimism’s CoinMarketCap Rank: 59

Key Price Levels:

Resistance: $1.50, $2.00, $2.50

Support: $1.30, $1.00, $0.70

Optimism Goes Further South

It was stated above that the OP market saw an additional price decline in the ongoing session. This is contrary to what was recorded in the past two sessions, as the market had witnessed some price increases. Nevertheless, price action remains below all the Moving Average (MA) lines and at a significant distance at that.

Meanwhile, the Stochastic Relative Strength Index (RSI) lines can be seen still rising upwards from the overbought region of the indicator. Be that as it may, the position of price action below all the MA lines darkens any hope of sustained upside retracements or corrections.

OP Downward Retracements Seem Ready to Continue

Now, even on the Optimism 4-hour price chart, a similar price trajectory to that seen on the daily chart can be seen. The last price candle here appears red and, as such, suggests that bearish activities are prevalent in the session.

Also, the mentioned size of the price candle appears bigger than recent ones and thus suggests stronger bearish momentum. Price action remains below all the MA lines as well, and the Stochastic RSI lines have a sharp downward course towards the 20 mark of the indicator. Therefore, unless some serious catalyst influences this market, traders can stay bearish towards the $1.00 price level.

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