Optimism Price Prediction for Today, March 7 – OP Technical Analysis

The Optimism price prediction shows that OP is gaining more strength as the coin crosses above the moving averages.

Optimism (OP) Achieves Record High, Soars to $4.66 in Dramatic Surge

All OP token holders are currently profitable based on the current price, as indicated by data from on-chain analyst IntoTheBlock. The token’s price has surged recently, with the highest-paid price reaching 4.01% before reaching its latest milestone. This price increase corresponds with the rising popularity of L2 scaling solutions, benefiting OP token as one of the leading L2 solutions in the market.

Optimism Prediction Statistics Data:

• Optimism price now – $4.35
• Optimism market cap – $4.69 billion
• Optimism circulating supply – 4.29 billion
• Optimism total supply – 4.29 billion
• Optimism Coinmarketcap ranking – #29

OP/USD Market

Key Levels:

Resistance levels: $5.50, $6.00, $6.50

Support levels: $3.00, $2.50, $2.00

OP/USD may continue to refresh to the upside as the coin currently trades at $4.35 with a bullish crossover and trend intraday. Today, the Optimism price is facing the upper boundary of the channel as higher resistance may come in the next positive direction.

Optimism Price Prediction: Optimism Price May Spike to the Upside

The Optimism price is likely to increase the bullish movement if the price increases and heads toward the upper boundary of the channel. Currently, the 9-day moving average is likely to cross above the 21-day moving average; it could send bullish signals into the market to encourage more buyers.

Meanwhile, as soon as the bulls increase the buying pressure, it is for the confirmation that the coin will head to the north, and the Optimism price could hit the nearest resistance levels at $5.50, $6.00, and $6.50 respectively. On the contrary, if the 9-day MA slides below the 21-day MA, there may be a little retreat to the south, bringing the market price to the support levels of $3.00, $2.50, and $2.00.

OP/BTC Keeps Ranging

Against Bitcoin, Optimism (OP) may cross above the 21-day moving average as the price heads to the upside. Meanwhile, the fact that the market keeps moving in the same direction within the channel, the crypto is likely to form a bullish movement if the 9-day moving average crosses above the 21-day moving average.

Nevertheless, if the buyers push the market price toward the upper boundary of the channel, crossing above this barrier could hit the resistance level of 9179 SAT and above. Meanwhile, traders should watch out for any strong selling pressure that could bring the price below the lower boundary of the channel, this could attract new sellers coming into the market with the next focus on the support level of 3800 SAT and below.

However, @AltcoinSherpa shared with his 210k followers on X (formerly Twitter) that $OP appears more favorable compared to $ARB at the moment. OP is currently experiencing a clear price discovery phase and seems to be taking the lead, with ARB expected to follow suit shortly. Nonetheless, OP is likely the stronger contender, making it the preferred choice for investment.

ETH beta: I think that $OP looks better than $ARB right now. OP in clean price discovery and looks to be leading; ARB likely to catch up soon. But OP is probably the better bet as its shown more strength pic.twitter.com/iJHT59MDG2

— Altcoin Sherpa (@AltcoinSherpa) March 7, 2024

Alternatives to Optimism

Optimism (OP) shows signs of potential bullish momentum near its upper channel boundary, with traders anticipating a continuation of the trend. Additionally, the emergence of a new resistance level is suggested by the 9-day moving average crossing above the 21-day moving average. Despite Optimism’s established position with a market cap of $4.69 billion in the cryptocurrency market, Bitcoin Minetrix ($BTCMTX) presents an attractive investment opportunity with its substantial presale stage valuation exceeding $11.8 million, indicating promising growth potential.

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