At the time of writing, optimism’s (OP) price is below the uptrend line that it has been above since mid-April.

The altcoin is failing to find support from the rest of the market, and to make matters worse, it will not see any support from Bitcoin either.

Optimism and Bitcoin Are Not in Line

Optimism’s price is seeing extended bearishness owing to the lack of support from its investors. Generally, Bitcoin acts as the savior for these altcoins as its rally also catalyzes recovery for altcoins.

However, OP is far from this, too, given that the altcoin shares a negative correlation with Bitcoin. This means that even when Bitcoin’s price rises, Optimism’s price won’t since it is moving inversely to BTC’s price actions.

Thus, as the broader market recovers along with Bitcoin, Optimism’s price will fail to see growth. Instead, it could fall lower.

The bearish cues are dominating the price action. The Moving

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Author: Aaryamann Shrivastava

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