In the unlocked Optimism (OP), sell-side trades continue to dominate, can the OP-side declines get deeper?
The OP, who opened the lock, left its mark on cryptocurrencies. Such a decline was seen after a long time in unlocking tokens. Despite the positive pricing of the market, the selling wave has not ended yet for OP, which has lost 40 percent of its value in the last 30 days. The OP, which was last traded on January 2 at its current price, created fear in its investors. What about the ongoing sales due to the lock-up effect? What awaits the OP on the chart?
Optimism (OP) Chart Analysis
Testing the bottom prices due to the lock opening, the OP came to $1,376 weeks later. The fact that this level served as a good support in the past indicates that the OP could get a reaction here. But the situation has not calmed down yet, the bottom prices on the OP side still remain valid. The next level of support to watch for the OP is $1,914.
Factors such as the reduction of selling pressure that started with the lock opening and the upward movement of Bitcoin may strengthen the OP. Currently trading right at the support level, if the OP finds buyers at this point, it can head towards the $1,768 – 2,042 – 2,468 and $2,743 resistances, respectively.
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