Why Optimism (OP) Price Might Slip Below $2 Soon

BE[IN]CRYPTO05-16

Optimism's price failed to mark a golden cross and will likely fall further based on broader market cues. The MACD is also noting a bearish crossover taking place over the past few days, confirming a ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Optimism (OP) Price Might Slip Below $2 Soon\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-16 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://beincrypto.com/heres-why-optimism-op-price-is-vulnerable-drop/><strong>BE[IN]CRYPTO</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Optimism's price failed to mark a golden cross and will likely fall further based on broader market cues.\nThe MACD is also noting a bearish crossover taking place over the past few days, confirming a ...</p>\n\n<a href=\"https://beincrypto.com/heres-why-optimism-op-price-is-vulnerable-drop/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"OP","symbol_name":"Oceanpal Inc","start_time":0,"source_url":"https://beincrypto.com/heres-why-optimism-op-price-is-vulnerable-drop/","article_id":"2435985657","we_media_id":null,"thumbnails":["https://beincrypto.com/wp-content/uploads/2024/04/bic_Optimism_OP_1-covers_neutral-850x478.jpg.optimal.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2435985657","pubTimestamp":1715788800,"sourceInfo":{"source_id":"beincrypto_highlight","name":"BE[IN]CRYPTO"},"weMediaInfo":null,"summary":"Optimism's price failed to mark a golden cross and will likely fall further based on broader market cues.The MACDis also notinga bearish crossovertaking placeover the past few days, confirming a bearish outcome.The altcoin presently shares a negative correlation with Bitcoin, leaving it vulnerable to corrections as BTC recovers.At the time of writing, optimism’s  price is below the uptrend line that it has beenabove since mid-April.The altcoin is failing to find support from the rest of the market, and to make matters worse, it will not see anysupport from Bitcoin either.However, OP is far from this, too, given that the altcoin shares a negative correlation with Bitcoin. This means that even when Bitcoin’s price rises, Optimism’s price won’t since it is moving inversely to BTC’s price actions.Read More: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared. However, if Optimism’s price bounces back, it could reclaim $2.50 as support.Thiswould enable a recovery to $2.82, which could ","collect":0,"end_time":0,"defaultTopTitle":"beincrypto.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"OP":"Oceanpal Inc","BK4021":"海运"},"translate_title":"为什么乐观（OP）价格可能很快跌破2美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"OP":1},"content_text":"Optimism's price failed to mark a golden cross and will likely fall further based on broader market cues.\nThe MACD is also noting a bearish crossover taking place over the past few days, confirming a bearish outcome.\nThe altcoin presently shares a negative correlation with Bitcoin, leaving it vulnerable to corrections as BTC recovers.\n\nAt the time of writing, optimism’s (OP) price is below the uptrend line that it has been above since mid-April.\nThe altcoin is failing to find support from the rest of the market, and to make matters worse, it will not see any support from Bitcoin either.\nOptimism and Bitcoin Are Not in Line\nOptimism’s price is seeing extended bearishness owing to the lack of support from its investors. Generally, Bitcoin acts as the savior for these altcoins as its rally also catalyzes recovery for altcoins.\nHowever, OP is far from this, too, given that the altcoin shares a negative correlation with Bitcoin. This means that even when Bitcoin’s price rises, Optimism’s price won’t since it is moving inversely to BTC’s price actions.\nOptimism Correlation with Bitcoin. Source: IntoTheBlock\nThus, as the broader market recovers along with Bitcoin, Optimism’s price will fail to see growth. Instead, it could fall lower.\nThe bearish cues are dominating the price action. The Moving Average Convergence Divergence (MACD) indicator highlights the potential for a decline. \nThe MACD is a popular technical indicator that measures the relationship between two moving averages of an asset’s price, signaling bullish or bearish momentum shifts. Crossovers between the MACD line and its signal line indicate potential buy or sell opportunities.\nRead More: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared\nOptimism MACD. Source: TradingView\nOver the last three days, this indicator formed a bearish divergence, which suggests that the price decline could extend further. Should this happen, Optimism’s price could drop to $2.0.\nOP Price Prediction: Corrections May Continue\nAt the time of writing, Optimism’s price is $2.43, above the support level at $2.33. Ten days ago, the altcoin failed to successfully note a golden cross after the 50-day Exponential Moving Average (EMA) could not cross over the 200-day EMA.\nThe above conditions suggest a bearish outcome, which could send OP to $2.11. If OP falls below this, it could lose the crucial psychological support of $2.00.\nRead More: What Is Optimism?\nOptimism Price Analysis. Source: TradingView\nHowever, if Optimism’s price bounces back, it could reclaim $2.50 as support. This would enable a recovery to $2.82, which could help bring back the profits investors lost over the past few days.\nBreaching this level would invalidate the bearish thesis, pushing OP back toward $3.0.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.5","shortVersion":"4.22.5","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2435985657"}