Optimism (OP) Sees Significant Value Drop in September

One sentence summary – The altcoin Optimism (OP) has experienced a significant drop in value, largely influenced by the performance of Bitcoin (BTC) and key technical indicators, with the price susceptible to further decrease if BTC falls below a certain level, and sellers dominating the market.

At a glance

  • Optimism (OP) has seen a significant drop in value, declining over 15% from its recent peak of $1.59.
  • The altcoin is currently trading at $1.33.
  • The future trajectory of OP is dependent on the performance of Bitcoin (BTC) and key technical indicators.
  • If BTC falls below its range-low near $25.7k, the value of OP is susceptible to further decrease.
  • If bulls manage to reclaim the $1.38 resistance as support and BTC surges to $27k, OP could aim for $1.5.

The details

Optimism (OP), an altcoin, has seen a significant drop in value in early September, with a decline of over 15% from its recent peak of $1.59.

The altcoin is currently trading at $1.33.

The future trajectory of OP

is largely dependent on the performance of Bitcoin (BTC) and key technical indicators.

This article will delve into the factors influencing OP’s price movement and provide insights into potential scenarios.

The value of the altcoin is susceptible to further decrease if BTC falls below its range-low near $25.7k.

Technical chart indicators suggest that bulls do not possess significant market leverage in the short term.

The Relative Strength Index (RSI) points to mild buying pressure on the lower timeframe.

However, the weak performance of BTC and the immediate overhead hurdle at $1.379 may hinder a solid recovery.

In the absence of a BTC recovery, sellers could drive OP’s price lower.

The price could potentially move towards the 12-hour bullish order block of $1.19 – $1.27 or the daily bullish order block of $1.09 – $1.14.

Further drops may see bullish investors defending the psychologically significant $1.0 level.

On the other hand

if bulls manage to reclaim the $1.38 resistance as support and BTC surges to $27k, OP could aim for $1.5.

According to Santiment, a decline in Network Growth indicates a decrease in new addresses and slowed network traction.

This reinforces the prevailing bearish sentiment.

The decline in price was accompanied by elevated sell volume and 90-day Mean Coin Age drop-offs.

This further validates the short-term bearish pressure on OP.

Optimism (OP) has faced a considerable decline in value, influenced by the overall market sentiment and the performance of BTC.

With sellers dominating the market, the altcoin’s price is likely to face further downward pressure.

Key resistance levels and BTC’s performance will be crucial determinants of OP’s future trajectory.

It is important to closely monitor technical indicators and market trends to gauge potential price movements accurately.

This brief is generated by compiling and filtering the available facts from multiple sources.

It remains the responsibility of the news reporter to verify the information and provide context where necessary.

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Here are all the sources used to create this article:

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This section links each of the article’s facts back to its original source.

If you have any suspicions that false information is present in the article, you can use this section to investigate where it came from.

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– Optimism (OP) sellers have pushed the price lower in early September, down over 15% from recent highs near $1.59.
The altcoin is currently trading at $1.33 and could decrease further if Bitcoin falls below its range-low near $25.7k.
– Based on technical chart indicators, bulls do not have market leverage in the short term.
The Relative Strength Index (RSI) shows mild buying pressure on the lower timeframe, but a weak BTC and the immediate overhead hurdle at $1.379 could hinder a solid recovery.
If BTC does not recover lost ground, sellers could drive OP lower to the 12-hour bullish order block of $1.19 – $1.27 or the daily bullish OB of $1.09 – $1.14.
Further drops could see bulls defend the $1.0 psychological level.
– Alternatively, if bulls reclaim the $1.38 resistance as support and BTC surges to $27k, OP could aim for $1.5.
According to Santiment, the bearish grip is prevalent, with a decline in Network Growth indicating a drop in new addresses and slowed network traction.
The recent price drop was accompanied by elevated sell volume and 90-day Mean Coin Age drop-offs, reinforcing the short-term bearish pressure.

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