Momentum

Resistance

Optimism

<ul class="list-ic vertical">
 <li><span>1</span> <a>The OP token price signified bullish momentum and reverted from the 200-day EMA mark. </a></li>
 <li><span>2</span> <a>Buyers have showcased their dominance and intend for a reversal..</a></li>
</ul>
<p>The OP token price signified a notable bounce of over 13% in the last three trading sessions and held the 200-day EMA mark. For the past weeks, the sellers persisted in showcasing their presence, leading to a drop of over 35% in the last month. However, the trend is neutral, and the buyers are making efforts to regain momentum and are eyeing to sustain the prompt hurdle of $3.50.&nbsp;</p>
<p>At press time, the Optimism token (OP) price traded at $3.25 with an intraday gain of 8.78%, reflecting neutrality on the charts. It has a monthly return ratio of -24.30% and 86.89% on a yearly basis. The pair of OP/BTC is at 0.0000453<a href="https://www.thecoinrepublic.com/2024/04/08/with-btc-holders-offloading-american-investors-turn-to-bitbots-ico/" target="_blank" rel="noopener noreferrer nofollow"> BTC</a>, and the market cap is $698.13 Million. Analysts are neutral and suggest that the OP token may attain momentum and will retest the trendline of $4 soon.</p>
<h2 class="wp-block-heading" id="strong-op-price-volume-profile-analysis-on-a-daily-timeframe-strong"><strong>OP Price Volume Profile Analysis on a Daily Timeframe</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (OP), Volume (OP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-10-08T18%3A29%3A59.376Z&amp;dt=2024-04-08T18%3A29%3A59.376Z&amp;sat=shchcfg_WmwZyjNXh7r-&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D%3B%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22line%22%7D" scrolling="no"></iframe>
<p>The above data showcases the price-to-volume profile of the Optimism token, revealing the retracement and a trendline breakdown from the past sessions. However, the monthly trading volume dropped over 90% and dragged to $276.04 million, which signifies average investor interest.</p>
<h2 class="wp-block-heading" id="strong-price-volatility-and-weighted-sentiment-outlook-strong"><strong>Price Volatility and Weighted Sentiment Outlook</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (OP), Weighted sentiment (Total) (OP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-10-08T18%3A29%3A59.376Z&amp;dt=2024-04-08T18%3A29%3A59.376Z&amp;sat=shchcfg_WmwZyjNXh7r-&amp;emcg=1&amp;emhwm=1&amp;wm=price_volatility_1d%3Bsentiment_volume_consumed_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>Following the price rebound, the price volatility showcased a spike and surged over 3.89% to 0.017, noting a rise in the investor interest. However, the weighted sentiment value remained in the negative region, close to -0.848, replicating a negative outlook.</p>
<h2 class="wp-block-heading" id="strong-social-dominance-and-social-volume-ai-insights-strong"><strong>Social Dominance and Social Volume AI Insights</strong></h2> <iframe loading="lazy" title="Santiment Chart: Social Dominance (OP), Social Volume AI (OP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-10-08T18%3A29%3A59.376Z&amp;dt=2024-04-08T18%3A29%3A59.376Z&amp;sat=shchcfg_WmwZyjNXh7r-&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Bsocial_volume_ai_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>The Social dominance data noted a decline of over 7.76% and fell to 1.372%, revealing a decrease in the media discussion reports. However, the social volume (AI) noted a surge and jumped to 1.262.</p>
<h3 class="wp-block-heading" id="strong-development-activity-and-open-interest-oi-analysis-strong"><strong>Development Activity and Open Interest (OI) Analysis&nbsp;</strong></h3> <iframe loading="lazy" title="Santiment Chart: Development Activity (OP), Total Open Interest in USD (OP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-10-08T18%3A29%3A59.376Z&amp;dt=2024-04-08T18%3A29%3A59.376Z&amp;sat=shchcfg_WmwZyjNXh7r-&amp;emcg=1&amp;emhwm=1&amp;wm=dev_activity%3Btotal_open_interest&amp;wax=0%3B1&amp;wc=%238358FF%3B%23FF5B5B&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>Per the charts, the development activity data showcased a consistent up move and spiked to 452; a positive speculation was noted. Similarly, the derivative data witnessed a long buildup activity, and the open interest jumped over 3.46% to $205 million.</p>
<p>Per the Fib levels, the OP price has taken support on its 23.6% zone and is delivering a rebound this week. The RSI curve showcased a positive crossover and stayed near the midline around 40.</p>
<p>The total supply of the Optimism token is 4.29 billion, whereas the volume-to-market cap ratio is 0.385, and it ranked 142 in terms of market cap in the global crypto market.</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>The Optimism token price showcased a rising wedge breakdown and has slipped to the 200-day EMA mark, directing retracement. However, the token has not yet breached the 200-day EMA and held the $3 mark, and buyers intend for a reversal ahead.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p><strong>Support Levels:</strong> $3 and $2.50</p>
<p><strong>Resistance Levels:</strong> $3.60 and $4.00</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

OP Reverted from 200-Day EMA; Can Bulls Pick Momentum Ahead?

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