{"id":151996,"date":"2023-09-08T10:32:25","date_gmt":"2023-09-08T05:02:25","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=151996"},"modified":"2023-09-08T10:32:25","modified_gmt":"2023-09-08T05:02:25","slug":"optimisms-range-extends-can-late-op-sellers-exploit-it-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/optimisms-range-extends-can-late-op-sellers-exploit-it-crypto-news\/","title":{"rendered":"Optimism\u2019s range extends \u2014 Can late OP sellers exploit it? &#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 8, 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\">Sellers pushed OP lower, but bulls could defend the range-low of $1.302<\/span><\/em><\/li>\n<li style=\"font-weight: 400\"><em><span style=\"font-weight: 400\">Liquidity existed at $1.302 and $1.357 and could see a strong price reaction\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\"> was stuck in a narrow price range formation of $1.30 \u2013 $1.35 in the first week of September. The range could extend further as <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/BTC\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400\"> remained muted in its range-lows of $25.7k as of press time.\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\">Another price reversal, especially at the range-low of $1.3, was likely amidst massive accumulation by <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/optimism-whales-step-up-accumulation-as-they-take-advantage-of-the-op-dip\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">whales<\/span><\/a><span style=\"font-weight: 400\"> who took advantage of the discounted prices.\u00a0<\/span><\/p>\n<h4>Will sellers benefit from the range-high again?<\/h4>\n<div id=\"attachment_341783\" style=\"width: 1960px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-07_15-46-34.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-341783\" class=\"size-full wp-image-341783\" 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_2023-09-07_15-46-34.png 1950w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-07_15-46-34-300x171.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-07_15-46-34-1024x582.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-07_15-46-34-768x437.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-07_15-46-34-1536x874.png 1536w\" data-lazy-sizes=\"(max-width: 1950px) 100vw, 1950px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-07_15-46-34.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-341783\" class=\"size-full wp-image-341783\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OPUSDT_2023-09-07_15-46-34.png\" alt=\"Optimism price analysis\" width=\"1950\" height=\"1109\" \/><\/a><\/p>\n<p id=\"caption-attachment-341783\" class=\"wp-caption-text\">Source: OP\/USDT on TradingView<\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">In the first week of September, OP oscillated between $1.3 and $1.35. At press time, the 50-EMA (Exponential Moving Average) edged lower to the range-high. It could make the level more challenging for bulls to bypass, especially if BTC\u2019s weakening persists in the short term.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ergo, another price rejection at the range could be imminent, and a shorting opportunity could occur. A short entry position at $1.34 with a take-profit at the range-low ($1.30) could offer a 2.8% profit if such a rejection at the range-high happens.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, a candlestick session close above the range-high near $1.35 will invalidate the short set-up. But such a move could falter at $1.36 or the H4 bearish order block (OB) of $1.37 \u2013 $1.38 (red).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, the Relative Strength Index (RSI) wavered within the low ranges in the first week of September, underscoring the wavering buying pressure. The Chaikin Money Flow (CMF) also struggled to cross above zero, reinforcing muted capital inflows.<\/span><\/p>\n<h4>Open Interest rates stagnated<\/h4>\n<div id=\"attachment_341785\" style=\"width: 1879px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OP-Open-Interest-rates.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-341785\" class=\"size-full wp-image-341785\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"Optimism price analysis\" width=\"1869\" height=\"622\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OP-Open-Interest-rates.png 1869w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OP-Open-Interest-rates-300x100.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OP-Open-Interest-rates-1024x341.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OP-Open-Interest-rates-768x256.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OP-Open-Interest-rates-1536x511.png 1536w\" data-lazy-sizes=\"(max-width: 1869px) 100vw, 1869px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OP-Open-Interest-rates.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-341785\" class=\"size-full wp-image-341785\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/OP-Open-Interest-rates.png\" alt=\"Optimism price analysis\" width=\"1869\" height=\"622\" \/><\/a><\/p>\n<p id=\"caption-attachment-341785\" class=\"wp-caption-text\">Source: Coinglass<\/p>\n<\/div>\n<hr \/>\n<p style=\"text-align: center\"><span style=\"font-weight: 400\">Read <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/optimism-price-prediction\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">Optimism\u2019s [OP] Price Prediction<\/span><\/a><span style=\"font-weight: 400\"> 2023-24<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400\">According to Coinglass, Open Interest declined since August but stagnated in the first week of September. This demonstrated that the demand for OP in the derivatives segment declined in August but stagnated in September. It underscores a neutral sentiment.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">A look at the Binance liquidation map from <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/pro\/futures\/LiquidationMap\" data-wpel-link=\"external\"><span style=\"font-weight: 400\">Coinglass<\/span><\/a><span style=\"font-weight: 400\"> revealed key OP liquidity levels existed at $1.357 and $1.303. It meant there could be a strong reaction to the upside after collecting the liquidity at $1.303, which aligned with the range-low.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On the other hand, another price reversal could be likely at $1.357, near 50-EMA. So, the two levels could act as a great take-profit and exit levels.\u00a0<\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Journalist Posted: September 8, 2023 Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion Sellers pushed OP lower, but bulls could defend the range-low of $1.302 Liquidity existed at $1.302 and $1.357 and could see a strong price reaction\u00a0 Optimism [OP] was stuck [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":151997,"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-151996","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\/151996","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=151996"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151996\/revisions"}],"predecessor-version":[{"id":152002,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151996\/revisions\/152002"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/151997"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=151996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=151996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=151996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}