Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
- OP has persistently faltered on the roadblock beneath $1.65.
- The funding charges turned destructive into the weekend (29/30 July).
Optimism’s [OP] uptrend in mid-July has confronted one essential impediment – climbing above $1.65. Notably, three consecutive makes an attempt to cross the $1.65 mark have been thwarted, setting the native Layer-2 altcoin to chalk up a spread formation between $1.38 and $1.65.
Learn Optimism’s [OP] Worth Prediction 2023-24
In the meantime, Bitcoin [BTC] confronted one other worth rejection on the range-low of $29.5k. That makes the extent an important resistance to beat if bulls are to advance additional. However the derailment might additional undermine OP from fronting an upswing.
Will the worth consolidation persist?
Supply: OP/USDT on TradingView
On the time of writing, worth motion hit the 50 EMA (Exponential Shifting Common) of $1.498. As well as, the RSI (Relative Power Index) inched nearer to the impartial 50-mark. Apart from, the CMF (Chaikin Cash Circulate) was but to cross over the zero mark decisively. It reveals muted shopping for stress and capital inflows.
Taken collectively, OP bulls might face a tricky name until each worth chart indicators cross their respective median thresholds. With a weak BTC, OP might falter at 50 EMA or D1 bearish order block (OB) of $1.59 – $1.66 (pink).
So a possible drop in the direction of the fast assist of $1.4 couldn’t be overruled. If BTC’s slender worth consolidation of $29.0k – $29.5k persists, OP might take a cue and prolong its worth vary of $1.4 – $1.65.
Funding charges turned destructive into the weekend
Supply: Coinglass
Optimism’s funding price turned destructive over the weekend, which might enable sellers to realize floor if the development persists. The above destructive chart of the OI-weighted funding price reveals that even open curiosity (OI) charges declined over the weekend.
How a lot are 1,10,100 OPs price right now?
It reinforces a bearish bias and a dip in demand for OP within the futures market.
The sentiment might solely change if BTC decisively reclaims and surges above the range-low of $29.5k. Therefore, monitoring BTC motion is important.
