OP Market Basks in Bullish Hegemony; Indicators Predict Further Gains
  • As a consequence of bullish control, the price of Optimism rises by more than 13%.
  • During the rally, the OP market finds support around $2.71.
  • Overbought levels on the Stochastic RSI serve as a warning to traders.

Market bulls have steadily pushed Optimism (OP) higher today, pushing the price from a low of $2.71 to a high of $3.14 (a new 7-day high). The new partnership with Coinbase (NASDAQ:) has been credited for boosting investor trust in the token, contributing to the price hike. With the OP price at $3.13, an 13.66% rise as of press time, the bulls have taken advantage of the market and are clearly in power.

Traders’ optimism for a long-term bull run remains strong as momentum has favored the bulls, prompting more buyers to flock in and join the rally. Consequently, the market capitalization and 24-hour trading volume increased by 11.81% and 71.39%, to $724,673,836 and $928,525,048, respectively. With the bullish trend showing no signs of waning, the bulls are still firmly in charge of the OP market.

24-hour price chart (source: CoinMarketCap)

The True Strength Index (TSI) on the OP 4-hour price chart is moving in the positive area with a value of 25.0121, indicating additional bullishness soon. This move suggests that the current uptrend will likely continue, and investors should consider entering the market with an optimistic attitude.

The Vortex Indicator (VI) has produced a bullish crossover with a value of 1.2804, while the signal line is at 0.7190, adding to the optimistic attitude. This shift indicates that the present upswing may continue soon, and investors should look for more upside possibilities in the market.

Additionally, the Technical Ratings Indicator, with a rating of 0.47, displays a “strong buy” signal, indicating the strength of the bullish outlook.

This display implies that investors should adopt an optimistic stance in the short term, looking for more upside potential as market sentiment stays positive. As a result, a long position may provide significant returns in the following weeks as investors seek to profit from the market’s upbeat mood.

OP/USD chart by TradingView

The Bull Bear Power (BBP) indicator is positive, with a rating of 0.39125162, implying that OP is bullish. This action suggests that buying momentum is steadily rising, with more advances in the positive region predicted soon.

A score of 86.86 on the stochastic RSI indicates that the OP market exhibits a solid bullish trend due to significant purchasing pressure. Nonetheless, a reversal may occur as the market corrects itself since it is overbought. This correction could be an excellent time to enter the market, taking advantage of the high levels of momentum and lower risk due to the pullback.

The retreat could also indicate that the market has peaked as investors begin to sell their positions. As a result, although traders should stay cautiously optimistic about the market direction, they should also watch for any negative reversal indications.

OP/USD chart by TradingView

According to indicators, bullish strength is building, hinting that additional price increases in the OP market are likely.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post OP Market Basks in Bullish Hegemony; Indicators Predict Further Gains appeared first on Coin Edition.

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