Optimism (OP) prints sell signals following noteworthy price jump

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Written on Nov 18, 2023

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OP seems ready for downtrends as sell indicators multiply.
That comes after Optimism gained over 40% in the past month.
The alt struggles to continue its uptrends, teasing a 15% potential dip.

Optimism (OP) price has remained elevated lately, with the alternative token surging more than 40% over the past 30 days. However, the uptrends appear ready to pause, and the daily chart shows sell signals emerging following the 2.65% dip in the previous day.

Optimism price loses upside steam

OP price jumped over 40% within the previous month. That came as the altcoin gained remarkable bullishness between 20 October and 13 November to print a local high at $1.98. Trading at $1.68 at press time, Optimism faces crucial resistances at $1.86 and $1.80.

While OP maintained upsides even as the Momentum Reversal Indicator displayed a sell signal, holders are taking profits, contributing to Optimism’s current bearish prices.

The Relative Strength Index suggests reducing bullish momentum as it nears the 50-mean level. Breaching this zone to the downside could see OP prices dropping by 15% to $1.40. Also, the Awesome Oscillator displays decreasing buyer activity.

Potential turnaround

Meanwhile, a sudden buying momentum uptick might see Optimism price reversing its trend to explore northbound movements. A 24-hour candle closing beyond $1.86 might present a support barrier that catalyzes solid upswings. The alt should surpass the $1.98 breakout level for a possible 10% gain to $2.20.

Also, Optimism has seen investor support despite bearish movements. For instance, whales capitalized on OP’s discounted prices to steadily buy the asset. That confirmed that large-scale crypto investors are confident about the asset’s potential recovery.

Optimism enthusiasts should follow broad market developments to determine OP’s trajectory in the upcoming sessions.