Following the market correction, the crypto industry has successfully regained momentum as the market has displayed a significant uptrend this week. Further, the top cryptocurrencies have regained power by covering all their losses from the price volatility.
As the Ethereum price records a jump of over 3% in value, top layer 2 tokens follow in the footsteps of the market leader and display similar jumps. Moreover, The OP price has added over 30% within the past 24 hours, making it the best performer of the day in the crypto space.
The Optimism token traded in a consolidated range between $1.639 and $1.871 for over two weeks, after which the market gained momentum and the price experienced a jump.
The OP price jumped over 21% following which it faced rejection at $2.272. After this, the price traded sideways for a while in a closed space. The bulls gained power and broke out of the range, but the rally was short-lived as the price faced rejection at $2.495, resulting in the price experiencing a pullback.
The token continued to trade in a closed range for over a week, after which the bulls regained momentum and displayed a jump of 31% recently, suggesting a trend reversal in the price.
Will OP Price Go Up?
The Moving Average Convergence Divergence (MACD) displays a constant rise in the histogram, indicating increased buying-over-selling pressure. Moreover, the averages show a significant jump in the chart, highlighting a bullish sentiment in the crypto space.
If the bulls push the price above the resistance level of $2.991, they will continue to gain momentum and prepare to test their upper resistance level of $3.5 in the coming week. Further, if the market holds the price at that level, it will jump and test its resistance level of $4 this month.
Conversely, if the bears gain control over the market, the Optimism price will experience a trend reversal, resulting in the price testing its support level of $2.495 soon. Moreover, if the bears dominate the market, the OP token will plunge further and test its lower support level of $2.272 in the coming time.
