Optimism (OP) Price Drops 17% Weekly as Analysts Watch for Bullish Divergence
- Optimism shows early bullish divergence despite current bearish technical signals.
- RSI nearing 50 may signal reversal if MACD also shifts from negative territory.
- June inflows and price uptick suggest renewed accumulation and rebound potential.
The price of Optimism (OP) has experienced a sharp 17% drop over the past seven days, stirring concern among investors.
However, technical analysts are now closely watching for signs of a potential price reversal as the token tests historical support levels and forms a bullish divergence pattern on its chart. The token, as of press time, is trading at $0.5612 for now.
Bullish Divergence May Be Building
According to market analyst Michaël van de Poppe, Optimism is showing signs of forming a large bullish divergence. Significantly, its price has hovered around the 0.00000053 support level, suggesting a potential base is forming.
Break above 0.00000080 could invalidate the downtrend and trigger a bullish rally. Van de Poppe believes this turning point is imminent, suggesting OP could soon become a strong buy opportunity if momentum continues to build.
The post Optimism (OP) Price Drops 17% Weekly as Analysts Watch for Bullish Divergence appeared first on Coin Edition.
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Optimism (OP) Price Drops 17% Weekly as Analysts Watch for Bullish Divergence
- Optimism shows early bullish divergence despite current bearish technical signals.
- RSI nearing 50 may signal reversal if MACD also shifts from negative territory.
- June inflows and price uptick suggest renewed accumulation and rebound potential.
The price of Optimism (OP) has experienced a sharp 17% drop over the past seven days, stirring concern among investors.
However, technical analysts are now closely watching for signs of a potential price reversal as the token tests historical support levels and forms a bullish divergence pattern on its chart. The token, as of press time, is trading at $0.5612 for now.
Bullish Divergence May Be Building
According to market analyst Michaël van de Poppe, Optimism is showing signs of forming a large bullish divergence. Significantly, its price has hovered around the 0.00000053 support level, suggesting a potential base is forming.
Break above 0.00000080 could invalidate the downtrend and trigger a bullish rally. Van de Poppe believes this turning point is imminent, suggesting OP could soon become a strong buy opportunity if momentum continues to build.
The post Optimism (OP) Price Drops 17% Weekly as Analysts Watch for Bullish Divergence appeared first on Coin Edition.
Read More