Optimism value has been witnessing important momentum over the previous few days, turning into one of many high gainers available in the market in the present day. Due to this latest value progress, Optimism has seen its native token OP lay a critical declare to a spot throughout the high 30 cryptocurrencies by market capitalization.
Nevertheless, plainly the Optimism value motion could quickly be turning bearish following the looks of a promote sign on the worth chart.
Indicator That Preceded 80% Rally Turns Bearish, Analyst Says
In a latest put up on the X platform, crypto analyst Ali Martinez sounded the promote alarm for the OP token. Based on the favored crypto pundit, the Optimism value could be in the perfect vary for buyers to money in on their earnings.
The reasoning behind this forecast revolves across the TD (Tom DeMark) sequential indicator. Based mostly on Martinez’s evaluation, the indicator is presently flashing a promote sign on Optimism’s 12-hour value chart.
The crypto analyst highlighted {that a} purchase sign from the TD sequential indicator preceded a considerable surge in Optimism value earlier in December. And this provides much more weight to the opportunity of a bearish turnaround following a promote alarm from the indicator.
Martinez suggested buyers to consider taking earnings immediately, on condition that the OP value could decline and mirror the scale of the preliminary bullish upswing. This projection comes throughout an exhilarating constructive run for OP, placing the altcoin’s bullish trajectory in jeopardy.
Optimism Worth And Community Development
As of this writing, the Optimism value stands at $3.37, reflecting an nearly 34% value improve prior to now 24 hours. Based on information from CoinGecko, the worth of the cryptocurrency has soared by greater than 55% prior to now week.
The OP coin seems set to finish the yr as one of many 30 largest cryptocurrencies within the sector, with its market cap lately surpassing $3 billion. This constructive efficiency of the token – in such a short while span – solely underscores the elevated charge of community progress.
Based on latest information from IntoTheBlock, the Optimism community boasts greater than 5.9 million addresses with a stability. This represents an almost 400% surge from 1.2 million in January 2023.
What a yr for @Optimism! The community presently counts over 5.9 million addresses with a stability, up 391% from 1.2 million in January!
🔗https://t.co/b6bBM1Qd6z pic.twitter.com/58gPngqEk3— IntoTheBlock (@intotheblock) December 21, 2023
Development of this caliber and magnitude suggests elevated confidence, adoption, and utilization of the Optimism community. And if this constructive pattern is something to go by, there’s a likelihood the Optimism value received’t be down for lengthy – if the present bearish projection does come true.
Optimism value experiences sharp pullback at $3.5 on the every day timeframe | Supply: OPUSDT charton TradingView
Featured picture from iStock, chart from TradingView
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