Optimism (OP) Exhibits Bullish Flag as Price Skyrockets to $1.30

According to CoinMarketCap, a website that tracks the cryptocurrency market, the price of Optimism (OP) has increased by double digits during the last 24 hours. At the time of publication, the price of OP has increased by 18.99%, reaching 1.31.

The trading volume for Optimism has dramatically increased over the last 24 hours, rising by 90.14 to $207,211,620, showing that more investors are willing to buy the coin. The market capitalization of OP has increased by 19.61% to $308,928,665, and more growth is anticipated in the near future for this price.

OP/USDT 1-Day Trading Chart (Source: Coinmarketcap)

The three lines are moving upstream with open mouths, the Williams alligator claims, signifying a positive trend. If prices keep moving higher than the alligator’s jaws, this bull run will definitely continue.

OP/USDT 24-Hour Trading Chart (Source: Tradingview)

Further evidence that the market has potential for expansion in the near term is provided by the price’s continued trading above its moving average (MA) value, which is at the 1.071 level. The market has increased in purchasing pressure as shown by the relative strength index (RSI) indicator’s current reading of 78, which places it in the overbought zone. The market may continue to rise in the near term, according to the moving average convergence and divergence (MACD) indicator, which is positive and still above the signal line.

The prices are still above the upper Bollinger band indicating a bullish sentiment is set to continue. Currently, the 9-day and 20-day EMA lines for optimism are trading above them. As the 9-day EMA attempts to cross above the 20-day EMA, a bullish flag is about to be set off. Only once the price of the OP breaks above the current resistance level at 1.38 will the two EMA lines cross.

Due to the price’s upward trajectory during the previous 24 hours, price analysis puts the bulls in the driving seat. A strong rise is evident from the 50-MA and 100-MA crossing over one another in a bullish crossover. A bullish market is also indicated by the 200-MA trading above the current price.

OP/USDT 4-Hour Trading Chart (Source:Tradingview)

For the past 4-hours, the RSI has been steadily trading in a high range, currently at 80.49 in the overbought zone. The MACD has also been rising and is currently in the positive zone above the signal line.

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