Optimism worth has been witnessing important momentum over the previous few days, changing into one of many high gainers available in the market in the present day. Due to this latest worth development, Optimism has seen its native token OP lay a severe declare to a spot throughout the high 30 cryptocurrencies by market capitalization.
Nevertheless, plainly the Optimism worth motion could quickly be turning bearish following the looks of a promote sign on the worth chart.
Indicator That Preceded 80% Rally Turns Bearish, Analyst Says
In a latest post on the X platform, crypto analyst Ali Martinez sounded the promote alarm for the OP token. In accordance with the favored crypto pundit, the Optimism worth is likely to be in the perfect vary for buyers to money in on their income.
The reasoning behind this forecast revolves across the TD (Tom DeMark) sequential indicator. Primarily based on Martinez’s evaluation, the indicator is presently flashing a promote sign on Optimism’s 12-hour worth chart.
The crypto analyst highlighted {that a} purchase sign from the TD sequential indicator preceded a considerable surge in Optimism worth earlier in December. And this provides much more weight to the potential of a bearish turnaround following a promote alarm from the indicator.
Martinez suggested buyers to consider taking income straight away, provided that the OP worth could decline and mirror the dimensions of the preliminary bullish upswing. This projection comes throughout an exhilarating constructive run for OP, placing the altcoin’s bullish trajectory in jeopardy.
Optimism Worth And Community Progress
As of this writing, the Optimism worth stands at $3.37, reflecting an nearly 34% worth enhance previously 24 hours. In accordance with information from CoinGecko, the worth of the cryptocurrency has soared by greater than 55% previously week.
The OP coin appears set to finish the 12 months as one of many 30 largest cryptocurrencies within the sector, with its market cap not too long ago surpassing $3 billion. This constructive efficiency of the token – in such a short while span – solely underscores the elevated price of community development.
In accordance with latest data from IntoTheBlock, the Optimism community boasts greater than 5.9 million addresses with a steadiness. This represents a virtually 400% surge from 1.2 million in January 2023.
What a 12 months for @Optimism! The community presently counts over 5.9 million addresses with a steadiness, up 391% from 1.2 million in January!
https://t.co/b6bBM1Qd6z pic.twitter.com/58gPngqEk3
— IntoTheBlock (@intotheblock) December 21, 2023
Progress of this caliber and magnitude suggests elevated confidence, adoption, and utilization of the Optimism community. And if this constructive pattern is something to go by, there’s a likelihood the Optimism worth gained’t be down for lengthy – if the present bearish projection does come true.
Optimism worth experiences sharp pullback at $3.5 on the each day timeframe | Supply: OPUSDT charton TradingView
Featured picture from iStock, chart from TradingView
Disclaimer: The article is supplied for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding selections. Use info supplied on this web site totally at your personal danger.