Market
Key Support and Resistance Levels to Watch
In this analysis, you will delve into the recent price drop of the Optimism token, focusing on the 4-hour chart.
Additionally, you will explore the trends in daily unique addresses and transaction volumes to assess the network’s health and potential impact on the token’s value.
Optimism: A Technical Overview
Examining the 4-hour chart of the Optimism token, we see that on June 7, the price broke below the Ichimoku Cloud, resulting in an 18% drop in that breakout candle.
This significant movement underscores the importance of monitoring technical indicators for effective risk management, such as setting stop losses. Following this sharp decline, the price stabilized within the range of $2.140 to $2.240.
After the drop, the price stabilized within the $2.140 to $2.240 range. Additionally, the volume profile indicates a low-volume price range within this consolidation period, suggesting limited trading activity and potential for future volatility.
Read More: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared
The black lines marking resistance and support levels are crucial Ichimoku baseline plateaus that traders should closely monitor. These levels can provide insight into potential price action and areas where the price might encounter significant support or resistance.
Resistance Levels ($2.723, $2.445): These price levels are where the price has previously faced selling pressure, making them critical to monitor for potential reversals or breakouts.
Support Level ($$2.054): This price levels highlight areas where buying interest has historically emerged, potentially acting as a price floor.
Daily Addresses
From May 1, 2024, to June 10, 2024, the number of unique addresses on the OP Mainnet increased from 138,107,252 to 145,937,135, a total increase of 7,829,883 addresses.
The largest single-day increase was on May 18, 2024, with an addition of 642,066 unique addresses.
There is a consistent daily increase in unique addresses, indicating sustained user interest and adoption of the OP Mainnet.
The steady rise in daily unique active addresses is a strong network health indicator.
More unique addresses interact with the OP Mainnet, suggesting a growing user base and increased network activity. This growth can lead to higher network value, as user adoption is a critical factor in a token’s success and value.
Daily Transactions
The analysis of daily transactions is crucial for understanding the network’s activity levels. High transaction volumes indicate robust network usage and engagement, which are positive signs of network vitality.
Daily transactions exhibit significant volatility, with substantial changes in the number of transactions from one day to the next.
Read More: What Is Optimism?
Between June 1 and June 10, OP Mainnet saw an increase of 53,778 transactions (from 487,984 to 541,762). This represents a marked improvement in daily activity, reflecting increased user engagement or significant network events driving higher transaction volumes.
The fundamental outlook for Optimism remains bullish. Despite Bitcoin’s price drop to $67,000, the Optimism token has not experienced another sharp decline today and has maintained its range.
A breakout below the $2.05 level could signal a significant continued decline. Well, if the price holds above this level and Bitcoin recovers to $70,000, Optimism could trade back at $2.30 to $2.40 in the mid-term.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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