Optimism Price Forecast: OP to correct 15% as sell signs multiply

FXstreet
FXstreet

18 Nov 2023 10:10 AM

Optimism (OP) price has shot up 64% in the last three weeks or so. ...

  • Optimism (OP) price has rallied 64% in the last three weeks, reaching a local top at $1.98.
  • The price now faces resistance at $1.86 and $1.80.
  • Sell signals have emerged on the daily chart, leading to a 10% slide in price.
  • The Relative Strength Index (RSI) and Awesome Oscillator (AO) indicate declining bullish momentum.
  • A breakdown of the 50 mean level could trigger a 15% correction to the next support level at $1.40.
  • A daily candlestick close above $1.86 could invalidate the bearish outlook.

The article presents a cautious outlook on Optimism (OP) price, highlighting the potential for a downtrend and a 15% pullback. However, it also mentions the possibility of a reversal if buying pressure increases. Overall, the sentiment is neutral to slightly bearish.

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You May Ask

What are the resistance levels that Optimism price is struggling to break?What could trigger a 15% pullback in OP price?How have sell signals on the daily chart affected the price?What indicators suggest declining bullish momentum?What level needs to be overcome to invalidate the bearish outlook?

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OptimismOP priceresistance levelsdowntrendpullbacksell signalsrallysupport levelMomentum Reversal Indicators (MRI)Relative Strength Index (RSI)Awesome Oscillator (AO)bullish momentumcorrectionbreakout level.CryptoCurrenciesTechnical Analysis

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