Optimism Token is Going to Zero as OP Price Falls 15% But XRP20 Just Surged Past $3 Million – How to Buy Early?
Optimism (OP) is once again entering troubled waters as an attempt at consolidation above the 20DMA seems destined to fail, leading some disillusioned holders questioning whether Optimism Token is going to zero.
The precarious price drop comes following a strong month of recovery for Optimism, which seemed to be building strong footing above the ascendant 20DMA as OP mounted a +43.25% push across July.
Following the loss of support from the 20DMA, Optimism is ranging low in the trading channel at a current price of $1.51 (a 24-hour change of -1.11%).
OP has so far bled-out almost -6% since losing the support from the 20DMA on August 9, with the moving average now forming a capstone of resistance that demarks a clear level to watch at $1.60.
Lower support levels remain limited here as price seems to determined to push lower, the previous two times OP has lost 20DMA support price action push down to test support from the lower trendline - suggesting downside could dominate OP's near future.
However, OP's indicators provide some reasons for optimism, with the RSI (45.53) cooled-off significantly since dropping below the 20DMA suggesting consolidation could build the footing to push up again.
Yet, this is contrasted by the MACD at -0.027, which suggests a return to the lower trendline isn't off the cards.
With price in a precarious position, Optimism's risk: reward ratio is dominated by the capstone of resistance form the 20DMA which limits upside potential in the short-time frame to $1.60 (+5.9%).
On the other hand, with Optimism facing a return to the lower trendline downside risk is high with a visit to $1.20 to be anticipated (-20.58%).
This leaves OP with a pitiful risk: reward ratio of 0.29, a terrible entry dominated by
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