{"id":148749,"date":"2023-09-02T22:08:48","date_gmt":"2023-09-02T16:38:48","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=148749"},"modified":"2023-09-02T22:08:48","modified_gmt":"2023-09-02T16:38:48","slug":"will-optimism-head-lower-as-bearish-bias-persists-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/will-optimism-head-lower-as-bearish-bias-persists-crypto-news\/","title":{"rendered":"Will Optimism head lower as bearish bias persists? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"single-post-author-top\">\n<p>\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" data-del=\"avatar\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Benja-80x80.jpeg\" class=\"avatar pp-user-avatar avatar-48 photo \" height=\"48\" width=\"48\" \/><\/p>\n<p>Journalist<\/p>\n<\/p><\/div>\n<p>\t\t\t\t\t\t\t\t<span class=\"mvp-post-date updated\">Posted: September 2, 2023<br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span><\/p>\n<\/p><\/div>\n<div>\n<p><i><span style=\"font-weight: 400\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400\"><em><span style=\"font-weight: 400\">OP lost hold of $1.4 as sellers overwhelmed the market.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400\"><em><span style=\"font-weight: 400\">Network Growth declined as the altcoin traction eased.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/OP\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">Optimism [OP]<\/span><\/a><span style=\"font-weight: 400\"> sellers seemed ready to extend the August gains into September. After blocking OP from going above $1.59 in the second half of August, sellers pushed it even lower in early September. As of press time, the Layer-2 asset was down over 15% from recent highs near $1.59.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center\"><span style=\"font-weight: 400\">Is your portfolio green? Check out the <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/optimism-profit-calculator\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">OP Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400\">The altcoin traded at $1.33 at the time of writing and could head lower if <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/BTC\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> cedes below its range-low near $25.7k.\u00a0<\/span><\/p>\n<h4>Will bulls reverse recent losses?<\/h4>\n<div id=\"attachment_340421\" style=\"width: 1960px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-02_08-23-30.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-340421\" class=\"size-full wp-image-340421\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"Optimism price analysis\" width=\"1950\" height=\"1109\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-02_08-23-30.png 1950w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-02_08-23-30-300x171.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-02_08-23-30-1024x582.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-02_08-23-30-768x437.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-02_08-23-30-1536x874.png 1536w\" data-lazy-sizes=\"(max-width: 1950px) 100vw, 1950px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-02_08-23-30.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-340421\" class=\"size-full wp-image-340421\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-02_08-23-30.png\" alt=\"Optimism price analysis\" width=\"1950\" height=\"1109\" \/><\/a><\/p>\n<p id=\"caption-attachment-340421\" class=\"wp-caption-text\">Source: OP\/USDT on TradingView<\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">Based on the technical chart indicators, bulls were far from having market leverage in the short term. Notably, at publication, the Relative Strength Index (RSI) attempted to retreat from the oversold zone on the H4 chart.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">It shows mild buying pressure on the lower timeframe, but a weak BTC and the immediate overhead hurdle at $1.379 could derail a solid recovery.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">So BTC doesn\u2019t recover recently lost ground, sellers could drive OP lower to the 12-hour (H12) bullish order block of $1.19 \u2013 $1.27 (white) or the daily bullish OB of $1.09 \u2013 $1.14 (cyan). Any further drop below these support zones could see bulls attempt to defend the $1.0 psychological level.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Conversely, OP could aim at $1.5 if bulls reclaim the $1.38 resistance as support, especially if BTC surges to $27k.\u00a0<\/span><\/p>\n<h4>Network traction tanked<\/h4>\n<div id=\"attachment_340424\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Optimism-OP-08.29.39-02-Sep-2023.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-340424\" class=\"size-full wp-image-340424\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"Optimism price analysis\" width=\"2560\" height=\"867\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Optimism-OP-08.29.39-02-Sep-2023.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Optimism-OP-08.29.39-02-Sep-2023-300x102.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Optimism-OP-08.29.39-02-Sep-2023-1024x347.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Optimism-OP-08.29.39-02-Sep-2023-768x260.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Optimism-OP-08.29.39-02-Sep-2023-1536x520.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Optimism-OP-08.29.39-02-Sep-2023-2048x693.png 2048w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Optimism-OP-08.29.39-02-Sep-2023.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-340424\" class=\"size-full wp-image-340424\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Optimism-OP-08.29.39-02-Sep-2023.png\" alt=\"Optimism price analysis\" width=\"2560\" height=\"867\" \/><\/a><\/p>\n<p id=\"caption-attachment-340424\" class=\"wp-caption-text\">Source: Santiment<\/p>\n<\/div>\n<hr \/>\n<p style=\"text-align: center\"><span style=\"font-weight: 400\">How much are <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/convert\/1-op-to-usd\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">1,10,100 OPs worth today<\/span><\/a><span style=\"font-weight: 400\">?\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400\">According to Santiment, a crypto intelligence data platform, the bearish grip was prevalent. Notably, the Network Growth (blue) declined significantly, indicating the number of new addresses dropped and overall network traction slowed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, the recent price drop was marked by elevated sell volume (red) alongside 90-day Mean Coin Age drop-offs. Collectively, these on-chain metric readings cement the short-term bearish pressure.\u00a0<\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Journalist Posted: September 2, 2023 Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion. OP lost hold of $1.4 as sellers overwhelmed the market.\u00a0 Network Growth declined as the altcoin traction eased.\u00a0 Optimism [OP] sellers seemed ready to extend the August gains into [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":148750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-148749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=148749"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148749\/revisions"}],"predecessor-version":[{"id":148752,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148749\/revisions\/148752"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/148750"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=148749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=148749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=148749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}