Optimism Price Analysis: Is OP Looking To Jump Above $2?

• Optimism price is failing to recover to new highs. Meanwhile the asset price has observed a pump of 4% in the intraday session
• Technical indicators of OP are favoring the bulls. OP/BTC pair has seen a fall of 3% in the past 24 hours.

Optimism is a layer 2 blockchain built on Ethereum.It is one of the scaling platform for Ethereum which has TVL of more than $400 million. OP is home for more than 35 protocols including SNX, UNI and various others.Optimism conducted a highly anticipated airdrop of its OP token.The airdrop was so popular that it has briefly slowed down their blockchain.The asset has a market dominance of 0.03% and is ranked 112th in the crypto verse.

The current market cap of the asset is $273,754,892 and has a total supply of 4,294,967,296. The volume of the coin has seen a decline of 8% in the intraday session. Meanwhile the volume to market cap ratio of the asset price suggests an consolidated move.

Technical Indicators Are Favoring The Bears

The weekly technical chart of the asset price suggests a consolidated momentum for the price. On coming to the daily chart the coin price is near $1.165. The asset price is currently trading below 50 and 100 Daily Moving Average. If the coin price jumps above 100 DMA then a strong trend can be seen in the future. The upside momentum of the asset price can see a halt near the value of $1.75.Meanwhile the downside trend of the price can see a bounceback near $1.1.

RSI: RSI of the coin price in a four hour chart is at 53 highlighting its presence in the oversold zone.  There is a negative slope in the RSI which may push the price down. The overall sentiment of the RSI is neutral.

Conclusion

Optimism is one of the most talked about projects in 2022. The asset price is currently consolidating and can push to a new high in the future. One should do their due diligence before investing.

Technical Levels

Major Support:$0.98-$1

Major Resistance: $1.8-$1.85