Analysis

Coin Of The Week – Optimism (OP)

Optimism has been one of many best-performing altcoins, over the previous weeks.

Optimism Rollup network is without doubt one of the many blockchain options making an attempt to resolve Ethereum scalability options.

Related Reading: How High Can Ethereum Go Before The Merge

OP has proven a robust bullish pattern and continues to indicate why this can be a crypto coin to build up for the bull run.

Daily Chart Analysis Of Optimism (OP)

Optimism (OP) began its bullish pattern from the low of $0.45; after breaking out from the ranging channel with a resistance of $0.58, it has maintained an upward pattern for the previous weeks, going as excessive as $1.96, which is greater than 300%.

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Daily low – $0.45

Daily excessive – $1.96

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Daily helps – $1.34, $0.93, $0.45

OPUSDT 2022 08 01 12 36 51
OP 1D Chart With Support Levels On The Daily Timeframe | Source: OPUSDT On Tradingview.com

OP on the every day chart seems good with a robust uptrend over the previous few days. 

The construction of the bullish traits stays intact however accompanies it with a low quantity displaying that we may very well be coming to the tip of the bullish pattern.

The assist on the 1D charts for OP has already been indicated to permit potential accumulation or Dollar Cost Averaging (DCA) 

Dollar Cost averaging is a technique employed to purchase crypto property with a sum of cash in bits over time or a technique used to purchase crypto property at market ranges because the property make reversals.

As of writing, OP is buying and selling at $1.567 and will go to $1.34, which is the closest assist for accumulation.

This assist corresponds with the Fibonacci retracement of 61.8%, a wholesome pullback for all crypto property that should keep a robust bullish uptrend.

 OP would have problem breaking its All Time High (ATH) of $2.2, however ought to this area be damaged; OP will regularly in an upward pattern or a worth discovery to kind a resistance and main assist.

Major assist – $1.54, $0.93, $0.60, $0.45

Major resistance – $2.1

OP On The 4H Chart

On the 4H chart, OP reveals a bearish divergence signal – that means we may very well be coming to the tip of the bullish pattern that has lasted for a number of days. 

OPUSDT 2022 08 01 12 47 15
OP Showing A Bearish Divergence On The 4H Chart | Source: OPUSDT On Tradingview.com

OP is presently making an attempt to interrupt under the ascending wedge on the 1H timeframe; a break and shut under would imply taking place to the subsequent assist. 

OPUSDT 2022 08 01 12 57 10
OP Breaking Downward Of The Ascending Triangle On The 1H Chart | Source: OPUSDT Tradingview.com

OP holding above $1.1 means the bullish construction continues to be legitimate, however a break to the low of this vary would invalidate the setup.

Major helps on 4H – $1.1, $0.9

Major resistance on 4H – $2.1

OP, on the whole, seems good each within the bear market and within the subsequent bull run; this is without doubt one of the property with a great use case and a really sturdy neighborhood behind it.

Related Reading: TA: Bitcoin Price Struggles Below $25K, Signs of Double Top Emerges

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