Optimism’s token (OP) has been on a downward spiral since hitting a record high of $4.87.
Technical Indicators Signal Continued Downtrend
- OP is trading below its 100-day moving average and a key trend line.
- The MACD indicator shows strong downward momentum.
- The Bull Power vs. Bear Power indicator indicates that sellers are dominating the market.
Resistance and Support Levels
- Resistance levels: $4.87 and $4.04
- Support level: $2.95 (recently broken)
Possible Price Targets
If the downtrend continues, OP could drop below its previous support of $2.61. However, if the price holds above $2.61, a new uptrend could start.
Historical Context
OP has a history of exponential growth. If it can break out of the downtrend, it could potentially retest its previous resistance levels.
