Optimism value has been witnessing vital momentum over the previous few days, turning into one of many high gainers out there right this moment. Because of this current value progress, Optimism has seen its native token OP lay a severe declare to a spot throughout the high 30 cryptocurrencies by market capitalization.
Nevertheless, it appears that evidently the Optimism value motion could quickly be turning bearish following the looks of a promote sign on the value chart.
Indicator That Preceded 80% Rally Turns Bearish, Analyst Says
In a current put up on the X platform, crypto analyst Ali Martinez sounded the promote alarm for the OP token. In keeping with the favored crypto pundit, the Optimism value may be in the very best 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 at the moment flashing a promote sign on Optimism’s 12-hour value chart.
The crypto analyst highlighted {that a} purchase sign from the TD sequential indicator preceded a considerable surge in Optimism value earlier in December. And this provides much more weight to the potential for a bearish turnaround following a promote alarm from the indicator.
Martinez suggested buyers to consider taking income instantly, provided that the OP value could decline and mirror the dimensions of the preliminary bullish upswing. This projection comes throughout an exhilarating optimistic run for OP, placing the altcoin’s bullish trajectory in jeopardy.
Optimism Value And Community Development
As of this writing, the Optimism value stands at $3.37, reflecting an nearly 34% value enhance previously 24 hours. In keeping with knowledge from CoinGecko, the worth of the cryptocurrency has soared by greater than 55% previously week.
The OP coin appears to be like set to finish the 12 months as one of many 30 largest cryptocurrencies within the sector, with its market cap just lately surpassing $3 billion. This optimistic efficiency of the token – in such a short while span – solely underscores the elevated fee of community progress.
In keeping with current knowledge from IntoTheBlock, the Optimism community boasts greater than 5.9 million addresses with a steadiness. This represents an almost 400% surge from 1.2 million in January 2023.
What a 12 months for @Optimism! The community at the moment 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
Development of this caliber and magnitude suggests elevated confidence, adoption, and utilization of the Optimism community. And if this optimistic pattern is something to go by, there’s a probability the Optimism value received’t be down for lengthy – if the present bearish projection does come true.
Optimism value experiences sharp pullback at $3.5 on the each day timeframe | Supply: OPUSDT charton TradingView
Featured picture from iStock, chart from TradingView
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