The post Optimism (OP) Falls Below $2.05, Signaling Bearish Trend appeared on BitcoinEthereumNews.com.

Optimism (OP) saw a bearish trend of -35% in June, sparking growing fear in the market and hesitation among investors. This analysis will guide you in understanding and monitoring key indicators from both the technical and fundamental analysis of Optimism. Technical Analysis of Optimism Optimism is currently showing a bearish trend on the 4-hour chart. The 100-period Exponential Moving Average (EMA), represented by the blue line, acts as a dynamic resistance level, and the price is currently below this line, indicating ongoing bearish momentum. The 200-period EMA, represented by the green line, also has a significant resistance level, and the price is well below it, further reinforcing the bearish sentiment. Additionally, the Relative Strength Index (RSI) is below 40, which suggests that selling pressure remains dominant. Read More: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared Optimism Price Analysis (4H). Source: TradingView The Ichimoku Cloud provides further insight into the bearish outlook. The cloud is shaded in green and red, and the price is currently below it, signaling continued downward momentum. The cloud’s red color further confirms this bearish trend. Key support levels to monitor are $1.622 and $1.306, with major resistance levels at $2.054, $2.307, $2.445, and $2.723. The RSI being below 40 indicates that the market sentiment is still bearish. The overall trend for Optimism (OP/USDT) on the 4-hour chart remains bearish, as indicated by the price’s position below both the 100 EMA and 200 EMA and the Ichimoku Cloud, signaling downward momentum. Traders should be cautious and watch for potential rebounds at the support levels of $1.801 and $1.622 or further declines if these levels are breached. Conversely, a break above the $2.05 resistance level and the Ichimoku Cloud could mean a potential bullish reversal. Analysis of Optimism Profitability Metrics Understanding the economic sentiment and behavior of participants within…

---

Filed under: News - @ June 19, 2024 2:10 am