**Optimism Faces Market Downturn Amid Bearish Sentiment**

Optimism (OP) has experienced a significant decline, losing 7.20% against the US Dollar in the last 24 hours. The cryptocurrency also underperformed against Bitcoin (BTC) and Ethereum (ETH), with losses of 5.83% and 3.33% respectively. Currently trading at $1.52, OP is 21.14% below the predicted price of $1.93 for October 8, 2024.

The broader cryptocurrency market has also seen a downturn, with the total market cap decreasing by 8.27%. The Fear & Greed index stands at 37, indicating a prevailing sense of fear among investors. Technical indicators show a bearish trend for OP, with 69% of indicators signaling a negative outlook.

Despite a 16.74% increase over the past year, the short-term forecast remains pessimistic. Key support levels to watch are $1.54, $1.49, and $1.41, while resistance levels are at $1.67, $1.75, and $1.80. Investors should exercise caution as market volatility persists.