Optimism rate has actually been seeing substantial momentum over the previous couple of days, turning into one of the leading gainers in the market today. Thanks to this current cost development, Optimism has actually seen its native token OP lay a major claim to a location within the leading 30 cryptocurrencies by market capitalization.
It appears that the Optimism rate motion might quickly be turning bearish following the look of a sell signal on the rate chart.
Sign That Preceded 80% Rally Turns Bearish, Analyst Says
In a current post on the X platform, crypto expert Ali Martinez sounded the sell alarm for the OP token. According to the popular crypto expert, the Optimism rate may be in the very best variety for financiers to capitalize their earnings.
The thinking behind this projection focuses on the TD (Tom DeMark) consecutive indication. Based upon Martinez’s analysis, the indication is presently flashing a sell signal on Optimism’s 12-hour rate chart.
The crypto expert highlighted that a buy signal from the TD consecutive indication preceded a considerable rise in Optimism rate previously in December. And this includes a lot more weight to the possibility of a bearish turn-around following a sell alarm from the sign.
Martinez recommended financiers to consider taking revenues immediately, considered that the OP rate might decrease and mirror the size of the preliminary bullish growth. This forecast comes throughout a thrilling favorable run for OP, putting the altcoin’s bullish trajectory in jeopardy.
Optimism Price And Network Growth
Since this writing, the Optimism cost stands at $3.37, showing a nearly 34% cost boost in the previous 24 hours. According to information from CoinGecko, the worth of the cryptocurrency has actually skyrocketed by more than 55% in the previous week.
The OP coin looks set to end the year as one of the 30 biggest cryptocurrencies in the sector, with its market cap just recently going beyond $3 billion. This favorable efficiency of the token– in such a brief time period– just highlights the increased rate of network development.
According to current information from IntoTheBlock, the Optimism network boasts more than 5.9 million addresses with a balance. This represents an almost 400% rise from 1.2 million in January 2023.
What a year for @Optimism! The network presently counts over 5.9 million addresses with a balance, up 391% from 1.2 million in January!
— IntoTheBlock (@intotheblock) December 21, 2023
Development of this quality and magnitude recommends increased self-confidence, adoption, and use of the Optimism network. And if this favorable pattern is anything to pass, there is a possibility the Optimism cost will not be down for long– if the present bearish forecast does become a reality.
Optimism rate experiences sharp pullback at $3.5 on the day-to-day timeframe|Source: OPUSDT charton TradingView
Included image from iStock, chart from TradingView
Disclaimer: The short article is attended to academic functions just.