Optimism (OP) Coin, a popular alternative cryptocurrency that has not been able to benefit from the Bitcoin (BTC) rally for a long time, has started to move with the calming of the markets. Surprising rallies like this are not uncommon in the cryptocurrency market. Therefore, experienced investors say that investors who constantly switch between different alternatives during bearish periods and lag behind among altcoins may face lower profits or even losses.
The price of Optimism (OP) Coin continues to gain value with double-digit gains. Since reaching its all-time high of $3.3 in February, there has been a resistance trend line that has been suppressing the price. After seeing the price drop to $0.9 in June, the formation of lower lows began with a delayed jump in October. The resistance line was tested 4 times within the same month and finally broke as expected.
After staying stable for 260 days, the price reached a peak of $1.93. Despite the recent strong recovery, the price has not been able to break out of the horizontal range supported/resisted since mid-2022. However, with the increase in RSI, the price indicates that the current rally may continue.
While RSI indicates the start and continuation of the rally, what do market experts think? An analyst named CryptoPoseidonn drew attention to the $1.8 price range. As of the time of writing this article, OP Coin is exactly in this range. According to the analyst, the rally has ended and bears need to break the $1.8 range to reach lower levels. For now, this area is being protected.
Analyst Caleb Franzen argues that a larger rally can be signaled with closes above $1.9. According to him, this breakout will happen soon and we will see OP Coin making new highs.
Readings on the daily chart highlight the importance of the $1.9 resistance level. The price range that intersects with the resistance line of the parallel channel has remained stable for a long time. Although the bullish divergence in RSI increases hopes that this area can be broken, BTC falling below $37,000 can trigger profit-taking transactions.