OP Price Prediction 2024: Will OP Reach $2.50 by Dec 30?

OP price is expected to rise by 30.25% in the next 5 days according to our Optimism price prediction. OP is trading at $1.78 after losing -6.17%

Optimism (OP) price is expected to rise by 30.25% in the next 5 days according to our Optimism price prediction.

OP is trading at $1.78 after losing -6.17% in the last 24 hours. The coin underperformed the cryptocurrency market, as the total crypto market cap decreased by -7.51% in the same time period. OP performed poorly against BTC today and recorded a -3.54% loss against the world’s largest cryptocurrency.

According to our Optimism price prediction, OP is expected to reach a price of $2.50 by Dec 30, 2024. This would represent a 30.25% price increase for OP in the next 5 days.

OP Price Prediction Chart

What has been going on with Optimism in the last 30 days

Optimism has been displaying a negative trend recently, as the coin lost -18.40% in the last 30-days. The medium-term trend for Optimism has been bearish, with OP dropping by -6.05% in the last 3 months. The long-term picture for Optimism is negative, as OP is currently displaying a -56.64% 1-year price change. On this day last year, OP was trading at $4.11.

Optimism reached its all-time high price on Mar 06, 2024, when the price of OP peaked at $4.85. The current OP cycle high is at $2.77, while the cycle low is at $1.07. OP has been displaying high volatility recently – the 1-month volatility of the coin is at 11.64. Optimism recorded 15 green days in the last 30 days.

Optimism technical analysis for today - Dec 26, 2024

The sentiment in the Optimism markets is currently Bearish, and the Fear & Greed index is reading Greed. The most important support levels to watch are $1.89, $1.83 and $1.78, while $1.99, $2.04 and $2.10 are the key resistance levels.

Bearish sentiment for Optimism

6 indicators are currently signaling a bullish prediction for Optimism, while 20 indicators are showing a bearish forecast. With 77% of indicators favoring a negative prediction. This results in an overall Bearish sentiment for Optimism.

Crypto market is currently experiencing Greed

Currently, the Fear & Greed index is at 73 (Greed), which signals that investors have a positive outlook on the market. The Fear & Greed index is a measure of sentiment among cryptocurrency investors. A “Greed” reading suggests that investors are currently optimistic about the cryptocurrency market, but can also be an indication that the market is overvalued. A “Fear” reading, on the other hand, signals that investors are currently hesitant about the cryptocurrency market, which potentially represents a buying opportunity.

Optimism moving averages & oscillators

Let’s take a look at what some of the most important technical indicators are signaling. We’ll be going through key moving averages and oscillators that will allow us to get a better idea of how Optimism is positioned in the market right now.

The Relative Strength Index (RSI 14) is a widely used indicator that helps inform investors whether an asset is currently overbought or oversold. The RSI 14 for Optimism is at 43.34, suggesting that OP is currently neutral.

The 50-day Simple Moving Average (SMA 50) takes into account the closing price of Optimism over the last 50 days. Currently, Optimism is trading above the SMA 50 trendline, which is a bullish signal.

Meanwhile, the 200-day Simple Moving Average (SMA 200) is a long-term trendline that’s calculated by taking an average of the OP closing price for the last 200 days. OP is now trading above the SMA 200, signaling that the market is currently bullish.

The bottom line about this Optimism prediction

After considering the above factors, we can conclude that the current forecast for Optimism price prediction is Bearish. OP would have to increase by 30.25% to hit our $2.50 target within the next five days. Moving forward, it will be important to monitor the OP market sentiment, the key support and resistance levels, and other metrics. However, we have to keep in mind that the cryptocurrency markets are unpredictable, and even the largest crypto assets display a lot of price volatility. For long-term Optimism price predictions click here.

Disclaimer: This is not investment advice. The information provided