Optimism (OP) Technical Analysis: Upcoming Upgrade in June Might Lead to an Uptrend for the Asset

05/17 20:11

Optimism is currently experiencing a bullish trend, with its trading volume up by over 54%. Although it is currently trading at $1.6, which is lower than its peak value of $3.0294, it is still consolidating its gains. The upcoming upgrade in June may lead to an uptrend for the asset. However, OP is currently trading below its 50-day and 200-day Simple Moving Averages (SMA), indicating a short and long-term bearish sentiment. Despite this, the asset has formed four consecutive green candles on the daily chart, indicating that the bulls are rallying once again in the market.
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