The Optimism (OP) price shows signs of recovery, which could evolve into a significant rally if supported by investor confidence.
However, a formidable resistance looms ahead that might stall its progress before reaching $3.50.
Optimism Is Building Momentum
Following a notable correction aligned with broader market trends, Optimism’s price rebounds from the $3.00 support level. This downturn decreased market value, as highlighted by the Market Value to Realized Value (MVRV) ratio.
This ratio, which evaluates investor profits or losses, currently indicates a 30-day MVRV of -20% for Optimism, suggesting recent losses that could trigger investor accumulation.
Historical data suggest that OP’s recovery often begins within the MVRV range of -9% to -20%, deemed an opportunity zone. During such periods, investors are more inclined to hold onto their assets, creating a conducive environment for a potential rally.
As Optimism aims to retake $3.50 as a support level, the path to recovery is backed by significant potential profits.
Author: Aaryamann Shrivastava
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