Optimism (OP) price witnessed a 10% surge over the last 24 hours, indicating a promising trend. However, amidst broader market dynamics, a correction of up to 15% looms, as explained below.
Recent gains in OP price triggered increased selling pressure, as reflected in the Market Value to Realized Value (MVRV) ratio. With the 7-day MVRV at 10.16%, recent buyers may opt to sell, potentially leading to a downturn. The danger zone, indicated by MVRV between 3% and 9%, suggests possible corrections.
A significant hurdle for OP's rally lies in the 95 million OP purchased by investors within the $3.87 to $4.85 range, amounting to $361 million. This substantial supply may impede further price gains, potentially causing OP to struggle to surpass the $4 resistance level.
Should current conditions persist, OP price could retract to $3.40 initially, with a further decline to $3.20 possible if bearish market cues prevail. Despite this, the observation of a Golden Cross on the 4-hour chart signals a potential bullish reversal, hinting at a price surge akin to the previous 20% rally.
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