Optimism (OP) has experienced a market rebound in the past week gaining by 35.76% based on data from CoinMarketCap. The Ethereum layer-2 token hovers above $2.20 with investors strongly bullish on future price gains. However, certain trading indicators signal otherwise.
Optimism Likely To Fall By 18%
In a November 23 post on X, renowned crypto analyst Ali Martinez shared a bearish prediction on Optimism despite the token’s current upward trend.
According to Martinez, the TD Sequential has flashed a sell signal on OP’s 4-hour trading chart, presenting the potential for an imminent price dip. In trading markets, the Tom Demark (TD) Sequential indicator is commonly used to identify potential price exhaustion or continuations by analyzing patterns within price bars.
After OP’s rally in the past week, the TD sequential now points to a trend exhaustion, suggesting a possible price reversal. Following this signal development, Martinez predicts OP could slide to $2.0. Ho
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