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We have reached July 2024, and we have not seen significant peaks in most altcoins. Since BTC has not yet formed the desired cycle peak, this is not surprising. Due to increasing negativity over the past 10 days, BTC attempted to drop below $60,000 again today. Continued selling could risk deeper lows for altcoins.
Optimism (OP)
BTC price was lingering at $60,400 at the time of writing and had dropped to $59,600 a few hours earlier. Optimism (OP) saw new lows. There are signals that investors are starting to shift from selling to accumulating. This brings the possibility of a reversal from the bottom to the table. Although this scenario is becoming apparent in some cryptocurrencies, BTC will determine the direction.
The ratio of profitable investors to active addresses is below 5%. Profitable investors generally act to sell, and if their ratio is low, it can be assumed that the risk of selling is weakening.
Additionally, the Market Value to Realized Value (MVRV) ratio is -28% over a 30-day period, signaling excessive selling. According to historical data, if the OP Coin price shows a 30-day MVRV ratio of -28%, an uptrend should start. Typically, when this ratio is between -15% and -30%, it opens the door to recovery and larger rallies. In summary, looking at the relevant metrics aside from BTC and general market sentiment, it suggests that recovery for OP Coin might start, and the current levels are attractive.
OP Coin Price Prediction
The price of $1.68 saw a 6% drop due to macroeconomic developments and the risk of billions of dollars in BTC sales. The prolonged negativity for BTC has not led to a breakout at either resistance or main support levels. This indicates that volatility might increase after a long period of price compression.
If the predicted scenario for OP Coin materializes, we should see the price climb to $2. The second main target will be $2.82. However, if we see closures below $1.66, this altcoin could potentially drop to $1.55.
Bitcoin price was at $60,400 at the time of writing, while ETH continues to struggle to maintain the $3,300 level. Although the data coming on Friday is positive in terms of the macroeconomic outlook, the BTC supply from Germany, the US, and MTGOX remains a major issue for investors.
