Optimism value has been witnessing vital momentum during the last few days, turning into one of the vital most sensible gainers available in the market as of late. Due to this contemporary value enlargement, Optimism has noticed its local token OP lay a major declare to a spot throughout the most sensible 30 cryptocurrencies by way of marketplace capitalization.

On the other hand, it kind of feels that the Optimism value motion might quickly be turning bearish following the illusion of a promote sign at the value chart. 

Indicator That Preceded 80% Rally Turns Bearish, Analyst Says

In a up to date submit at the X platform, crypto analyst Ali Martinez sounded the promote alarm for the OP token. In keeping with the preferred crypto pundit, the Optimism value could be in the most productive vary for traders to money in on their earnings.

The reasoning in the back of this forecast revolves across the TD (Tom DeMark) sequential indicator. In keeping with Martinez’s research, the indicator is these days flashing a promote sign on Optimism’s 12-hour value chart.

The crypto analyst highlighted {that a} purchase sign from the TD sequential indicator preceded a considerable surge in Optimism value previous in December. And this provides much more weight to the potential of a bearish turnaround following a promote alarm from the indicator.

Martinez urged traders to consider taking earnings immediately, for the reason that the OP value might decline and reflect the scale of the preliminary bullish upswing. This projection comes all over an exciting certain run for OP, striking the altcoin’s bullish trajectory in jeopardy. 

Optimism Worth And Community Enlargement

As of this writing, the Optimism value stands at $3.37, reflecting a virtually 34% value building up up to now 24 hours. In keeping with information from CoinGecko, the price of the cryptocurrency has soared by way of greater than 55% up to now week.

The OP coin appears to be like set to finish the 12 months as one of the vital 30 biggest cryptocurrencies within the sector, with its marketplace cap lately surpassing $3 billion. This certain efficiency of the token – in this kind of couple of minutes span – simplest underscores the higher fee of community enlargement.

In keeping with contemporary information from IntoTheBlock, the Optimism community boasts greater than 5.9 million addresses with a steadiness. This represents a just about 400% surge from 1.2 million in January 2023.

What a 12 months for @Optimism! The community these days counts over 5.9 million addresses with a steadiness, up 391% from 1.2 million in January!
🔗https://t.co/b6bBM1Qd6z percent.twitter.com/58gPngqEk3

— IntoTheBlock (@intotheblock) December 21, 2023

Enlargement of this caliber and magnitude suggests higher self belief, adoption, and utilization of the Optimism community. And if this certain development is anything else to move by way of, there’s a likelihood the Optimism value received’t be down for lengthy – if the present bearish projection does come true.

Optimism value reviews sharp pullback at $3.5 at the day by day time-frame | Supply: OPUSDT charton TradingView

Featured symbol from iStock, chart from TradingView

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