Optimism Price Prediction for Today, February 8

On Feb 8, 2024

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The Optimism price prediction reveals that the OP price remains above the 9-day and 21-day moving averages to continue the bullish movement.

Optimism Price Could Drop 25%

The price of Optimism has experienced significant volatility during the unlocks event, surging 94% over the past week and nearly 25% in the last day alone. This behavior aligns with the “buy-the-rumor” narrative, suggesting that a “sell-the-news” scenario might be unfolding.

Optimism Prediction Statistics Data:

Optimism price now – $3.43
Optimism market cap – $3.1 billion
Optimism circulating supply – 957.3 billion
Optimism total supply – 4.2 billion
Optimism Coinmarketcap ranking – #26

OP/USD Market

Key Levels:

Resistance levels: $5.0, $5.5, $6.0

Support levels: $2.0, $1.5, $1.0

OPUSD – Daily Chart

OP/USD is currently exchanging hands at $3.43 as the coin consolidates within the channel. The OP price is heading toward the upper boundary of the channel. However, Optimism will have to focus on the bullish movement to guide against the downward pressure while the closest support expects the coin at $2.0, which could be the daily low.

Optimism Price Prediction: The Optimism May Move Upward

The Optimism price stays above the 9-day and 21-day moving averages because any bearish movement to the south may bring the coin to the support levels of $2.0, $1.5, and $1.0. However, OP/USD is trading at $3.43 and still trading above the moving averages. On the upside, a sustained move toward the upper boundary of the channel could create more strength for the bulls with the focus on moving the market to the next resistance levels of $5.0, $5.5, and $6.0 respectively.

At the moment, the 9-day moving average is likely to cross above the 21-day moving average, which indicates that the market may face the upside. Looking at the daily chart, there may be a need for support to be formed around $3.2 to provide tight protection which could allow the buyers to concentrate on stirring action to the north.

OP/BTC Consolidates Above the Moving Averages

Against Bitcoin, the Optimism price is hovering above the 9-day and 21-day moving averages as the sellers aim to bring the price to the downside which could fall toward the lower boundary of the channel, while the 9-day MA remains below the 21-day MA.

Optimism Price Prediction for Today, February 8 - OP/USD Technical Analysis — OPBTC – Daily Chart

However, if the bulls succeeded in breaking toward the upper boundary of the channel, the OP price may likely hit the potential resistance level at 1000 SAT and above. On the contrary, any bearish movement below the lower boundary of the channel could bring the price to the support level of 500 SAT and below.

On his X account, Crypto Rover shared with his 670k followers that Optimism (OP) ranks among his top #Altcoin holdings. He believes they currently sit at a solid support level poised for further upward movement. Should a breakdown occur, he notes the next support level at $1.9. However, @rovercrc is optimistic about Optimism’s potential, foreseeing a 30x increase in the next bull run from its current position.

$OP
This is one of my top #Altcoin holds.
I think we are at a good support level for another move-up.
If we see a breakdown, the next support is $1.9
But I believe Optimism has the potential to do a 30x in the next bull run from here. https://t.co/qypzKYyoQa pic.twitter.com/es9Ef91irx
— Crypto Rover (@rovercrc) January 29, 2024

Optimism Alternatives

The Optimism (OP) price is approaching the upper boundary of the channel, signaling potential bullish momentum. However, traders anticipate a bullish continuation if the trend persists. Meanwhile, the 9-day moving average nearing a crossover above the 21-day moving average indicates the emergence of another resistance level.

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