馃敟 According to BeinCrypto: $OP Is Building Momentum
Following a notable correction aligned with broader market trends, Optimism鈥檚 price rebounds from the $3.00 support level. This downturn decreased market value, as highlighted by the Market Value to Realized Value (MVRV) ratio.
This ratio, which evaluates investor profits or losses, currently indicates a 30-day MVRV of -20% for聽Optimism, suggesting recent losses that could trigger investor accumulation.
Historical data suggest that聽OP鈥檚 recovery聽often begins within the MVRV range of -9% to -20%, deemed an opportunity zone. During such periods, investors are more inclined to hold onto their assets, creating a conducive environment for a potential rally.
As Optimism aims to retake $3.50 as a support level, the path to recovery is backed by significant potential profits.
The Global In/Out of the Money (GIOM) indicator shows approximately $360 million worth of OP, spanning between $2.88 and $3.44, is poised to become profitable as the price climbs.
Optimism鈥檚 journey towards reclaiming $3.50 as support is promising, buoyed by the prospect of turning recent investments profitable. This optimism among investors is expected to reduce selling pressure, aiding the asset鈥檚 recovery.
However, the path is not without obstacles. A dense resistance zone above $3.44, where about 293 million OP, valued at over $925 million and purchased between $3.44 and $4.65, lies in wait. Overcoming this barrier will necessitate stronger bullish momentum.
Should Optimism encounter difficulties in breaking through this resistance, the potential for profit-taking could trigger a pullback, potentially driving the price below the $3.22 support level and challenging the optimistic outlook.