Featured image from Coinmonks, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"Optimism (OP) has experienced a market rebound in the past week gaining by 35.76% based on data from CoinMarketCap. The Ethereum layer-2 token hovers above $2.20 with investors strongly bullish on future price gains. However, certain trading indicators signal otherwise. Related Reading: Optimism: Major Partnership Pushes OP Price By 24% Optimism Likely To Fall By 18% In a November 23 post on X, renowned crypto analyst Ali Martinez shared a bearish prediction on Optimism despite the token\u2019s current upward trend.\u00a0 According to Martinez, the TD Sequential has flashed a sell signal on OP’s 4-hour trading chart, presenting the potential for an imminent price dip.\u00a0In trading markets, the Tom Demark (TD) Sequential indicator is commonly used to identify potential price exhaustion or continuations by analyzing patterns within price bars. After OP\u2019s rally in the past week, the TD sequential now points to a trend exhaustion, suggesting a possible price reversal. Following this signal development, Martinez predicts OP could slide to $2.0. However, further correction could force the token\u2019s price to around $1.80 indicating a potential 18% decline from the current market price. Martinez’s price projection is further backed by OP\u2019s Relative Strength Index, an indicator that measures the speed and magnitude of an asset\u2019s price movement to determine if it is overbought or oversold.\u00a0According to data from OP\u2019s 4-hour trading chart, the token\u2019s RSI valued at 65.18 and descending from the overbought zone indicates buying pressure is weakening and a potential price correction is imminent.\u00a0 However, Optimism remains well above its 100-day simple moving average (SMA) which suggests a possible uptrend continuation.\u00a0 This factor, combined with the present strong bullish sentiments in the altcoin market suggests OP may maintain its current price rally, reaching as high as $2.5 at which lies its next significant market resistance. Related Reading: Optimism Superchain\u2019s L2 Mode Network Launches New Governance Model \u2013 Here\u2019s Why Optimism Price Overview\u00a0 At press time, Optimism exchanges hand at $2.29 following a 1.64% gain in the past 24 hours. Meanwhile, the altcoin’s daily trading volume is down by 13.17% and valued at $860.51 million. On larger time frames, OP is significantly impressive notching gains of 35.76% in seven days as earlier stated, and 33.77% in the past 30 days. Despite recent gains, the Ethereum-layer 2 token remains 54.65% away from its all-time high of $4.85. However, OP remains an investor favorite considering its status in the Ethereum ecosystem. According to data from Top 7 ICO, Optimism is the Ethereum layer-2 network with the third largest total value locked (TVL) valued at $6.46 billion falling behind Base ($7.02 billion) and Arbitrum ($14.3 billion). Featured image from Coinmonks, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":654664,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86528],"tags":[87818,84942,11738,93423,88289,86141],"class_list":["post-654662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-optimism-2","tag-ali-martinez","tag-ethereum-layer-2","tag-optimism","tag-optimism-price-correction","tag-opusd","tag-opusdt"],"acf":[],"yoast_head":"\n
Optimism (OP) Faces Potential Decline To $1.80, Analyst Explains<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n