Optimism Price Struggles as Bullish Momentum Fades
The price of Optimism’s native token OP has faced challenges in maintaining its bullish momentum. After experiencing a pullback, the cryptocurrency has struggled to continue its upward trajectory.
Analyst Projects 26% Price Increase for OP
Crypto analyst Ali Martinez predicts a 26% price increase for Optimism’s token in the coming weeks. This projection is based on on-chain data from IntoTheBlock, which analyzes investor density at different price zones.
Resistance Zone Between $2.17 and $2.30
Martinez highlights a major resistance zone between $2.17 and $2.30 for the Optimism price. Within this range, approximately 27,000 addresses purchased 45 million tokens. A sustained close above this zone could indicate a bullish breakout towards $2.70.
Current Performance and Market Cap
Currently, the Optimism price is at $2.11 with a 2.4% decline in the past 24 hours. Over the past week, the cryptocurrency has seen minimal change after reaching a high of $2.46 before correcting to around $2.10. Despite these fluctuations, Optimism maintains a market capitalization of approximately $1.94 billion.
Hot Take: Optimism Faces Resistance But Maintains Potential for Growth
The Optimism price has faced resistance in its recent bullish momentum but still holds potential for growth. The significant buying activity within the $2.17 to $2.30 range indicates a possible bullish breakout towards $2.70, representing a 26% increase from its current value.
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