Is the Optimism Token Price Forming a Base at Current Levels?

• The OP coin price is trading below the 50-day and 100-day Exponential Moving Averages.
• The OP coin price has been consolidating for more than a month. 
• The current market price of the OP Coin is $1.349

What is happening in the Optimism Coin price

The OP coin price is trading with some selling pressure in the current trading session. The price is showing a decline of $0.046 or 3.37% at the press time. The price has shown a ZigZag kind of move since it is listed in the Binance Exchange. It has declined by over 80% after its listing on the exchange in June 2022.

The OP coin price started the recovery phase in July 2022, where the price coin has witnessed a rise of over 450% from the lower levels. In August 2022, the OP coin price started declining again and eroded over 69% of its gain. The price surged again by 256% in the beginning of 2023 but the gain didn’t last much. It again came down to the lower level. 

The above facts have proven that the price is following a pattern of Pump and Dump. It is trading at the lower level and it seems that the base has been formed at this level. We can expect a sudden rise in this counter untill the Optimism Coin is holding the $1.215 level. 

Will the price react positively after the symmetrical triangle pattern breakout?

The OP coin price has recently given a breakout from the symmetrical triangle pattern and is trying to sustain above that. The coin’s price has faced a rejection from the previous swing high of $1.458, which is marked as Resistance 1. To continue this momentum it is very important for the coin to surpass this resistance level.

Other resistance levels are present at the $1.822 and $2.839, which are marked as resistance 2 and resistance 3. This level can be achieved only if the coin is able to cross the nearest resistance level of $1.458. The support for the price is present at $1.212 and $0.902 levels and is marked in green colour on the chart. 

Exponential Moving Averages

OP coin’s price is trading below the 50-day and 100-day Exponential Moving Averages, which is a bearish sign for the coin. The price is facing a strong rejection from this EMA. That indicates the price is following the EMA levels perfectly.