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OPTIMISM PRICE ANALYSIS & PREDICTION (April 7) – OP Plummets Below $0.7 Following a 15% Daily Loss: Where Next?
The cryptocurrency market has been plagued by bearish trends lately, and Optimism’s (OP) recent price action is no exception. In the past 24 hours alone, OP has experienced a staggering 15% daily loss, sending its value plummeting below $0.7 for the first time in a while.
This significant decline marks a total loss of 70% in just 90 days, signaling a prolonged bearish run that may not be over yet. The short-lived retracement in March is now being forgotten as the bears continue to gain momentum, pushing OP’s price further downward.
As can be seen on the daily chart, the supply level appears high and any increase could lead to more severe pain and panic, potentially putting the market in an even more bearish condition. Unfortunately, the bulls appear to have given up, leaving no resistance against this decline.
The only possible scenario that could halt this downward trend is if the bears manage to regain their composure and put a stop to the selling pressure. This might lead to a brief recovery, similar to what was seen in March. However, if the bears continue their relentless assault on OP’s value, the cryptocurrency may experience further losses before finding support.
To make matters worse, the start of the second quarter has set a bearish continuation pattern, and it seems unlikely that this will change anytime soon. If OP closes this quarter below $0.1, this would signal a long-term bear run, which is not what investors were hoping for in 2025.
One key level to watch is $0.6, as breaking below this could potentially send the price of OP all the way down to $0.5. If the bears continue their charge, we may see OP find support at the $0.4 mark.
Currently, OP’s price sits at around $0.612, putting it in a precarious position. Any further drops could be catastrophic for investors, especially considering that resistance is nowhere in sight.
In conclusion, if the current trend continues, the future of Optimism looks grim. It is crucial to keep an eye on key levels like $0.6 and $0.5 as they will dictate the cryptocurrency’s near-future trajectory.
Source: https://nulltx.com/optimism-price-analysis-prediction-april-7-op-plummets-below-0-7-following-a-15-daily-loss-where-next/
