Optimism (OP) Price Bounces by 50% – Relief Rally or Beginning of Long-Term Reversal?

2023-6-21 15:00

The Optimism (OP) price has increased considerably over the past 11 days, breaking out from a diagonal resistance line in the process.

While the increase could continue in the short-term, long-term readings, indicate that the move is just a relief rally. Thus, the long-term Optimism price prediction is still considered bearish.

Optimism (OP) Price Recovers After Significant Fall

The OP Price has decreased under a descending resistance line since the end of April. The drop led to a low of $0.89 on June 10. This was a new yearly low. However, the price has recovered since, bouncing by 51%.

More importantly, OP broke out from a descending resistance line that had been in place since April 15. This is a strong sign that the previous correction might have ended.

OP/USDT Daily Chart. Source: TradingView

Additionally, the daily RSI legitimizes the ongoing increase. The indicator broke out from its descending resistance line and just moved above 50. As a result, the indicator suggests that the breakout is legitimate and the trend is bullish, at least in the daily time frame.

Read More: 9 Best Crypto and Forex Trading Platforms in 2023

Optimism (OP) Price Prediction Still Bearish in the Long-Term

While the price action from the daily time frame provides hope for a relief rally, the wave count suggests that the long-term trend is bearish.

The main reason is that the increase between June 2022 and February 2023 is a three-wave structure. As a result, it is likely to be an A-B-C correction. Since the correction faces upward, it is, in turn, likely that the trend is bearish.

If correct, it means that the OP price is in sub-wave four (red) of wave three (white). Thus, after the current bounce is complete, the OP price will decrease again, falling to yet a new yearly low. The first target for the bottom of the movement is $0.30.

OP/USDT Daily Chart. Source: TradingView

Despite this bearish OP price prediction, an increase above the sub-wave one low (red line) of $2.02 will mean that the trend is still bullish. In that case, the OP price can increase to $3.

More From BeInCrypto: Crypto signals: What Are They and How to Use Them

For BeInCrypto’s latest crypto market analysis, click here.

The post Optimism (OP) Price Bounces by 50% – Relief Rally or Beginning of Long-Term Reversal? appeared first on BeInCrypto.

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reversal price optimism beginning long-term bounces relief

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