Optimism Price Up By 34% Today – But Investors Should Watch Out For This Sell Signal
23 Dezember 2023 - 9:03AM
NEWSBTC
Optimism price has been witnessing significant momentum over the
past few days, becoming one of the top gainers in the market today.
Thanks to this recent price growth, Optimism has seen its native
token OP lay a serious claim to a place within the top 30
cryptocurrencies by market capitalization. However, it seems that
the Optimism price movement may soon be turning bearish following
the appearance of a sell signal on the price chart. Indicator
That Preceded 80% Rally Turns Bearish, Analyst Says In a recent
post on the X platform, crypto analyst Ali Martinez sounded the
sell alarm for the OP token. According to the popular crypto
pundit, the Optimism price might be in the best range for investors
to cash in on their profits. The reasoning behind this forecast
revolves around the TD (Tom DeMark) sequential indicator. Based on
Martinez’s analysis, the indicator is currently flashing a sell
signal on Optimism’s 12-hour price chart. Related Reading: Solana
Saga Orders Scrapped As $30 Million BONK Token Package Overshadows
Device’s Value The crypto analyst highlighted that a buy signal
from the TD sequential indicator preceded a substantial surge in
Optimism price earlier in December. And this adds even more weight
to the possibility of a bearish turnaround following a sell alarm
from the indicator. Martinez advised investors to think about
taking profits right away, given that the OP price may decline and
mirror the size of the initial bullish upswing. This projection
comes during an exhilarating positive run for OP, putting the
altcoin’s bullish trajectory in jeopardy. Optimism Price And
Network Growth As of this writing, the Optimism price stands at
$3.37, reflecting an almost 34% price increase in the past 24
hours. According to data from CoinGecko, the value of the
cryptocurrency has soared by more than 55% in the past week. The OP
coin looks set to end the year as one of the 30 largest
cryptocurrencies in the sector, with its market cap recently
surpassing $3 billion. This positive performance of the token – in
such a short time span – only underscores the increased rate of
network growth. Related Reading: Will Inscriptions On Polkadot Push
DOT Prices Back Above $10? According to recent data from
IntoTheBlock, the Optimism network boasts more than 5.9 million
addresses with a balance. This represents a nearly 400% surge from
1.2 million in January 2023. Growth of this caliber and magnitude
suggests increased confidence, adoption, and usage of the Optimism
network. And if this positive trend is anything to go by, there is
a chance the Optimism price won’t be down for long – if the current
bearish projection does come true. Optimism price experiences sharp
pullback at $3.5 on the daily timeframe | Source: OPUSDT charton
TradingView Featured image from iStock, chart from TradingView
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