ARB and OP: Altcoin Analysis for September 19, 2023
By Artem Khomenko 129 19 Sept 2023
Yesterday, BTC hit a local high of $27,400, but its price quickly dipped below the $27,000 threshold again. Dive into the market dynamics for Arbitrum (ARB) and Optimism (OP) as of Tuesday, September 19.
Since our last analysis on August 31, the ARB correction has been pronounced, leading the token to a new all-time low of $0.74. As of now, ARB continues to trend downward.
The key resistance zone stands between $0.90 and $0.95. If buyers manage to surpass this range, ARB could potentially test the significant $1 mark. Establishing a position above this point would indicate a switch from a bearish to a bullish trend. But until such a change occurs, the decline in Arbitrum remains the predominant trajectory.
Immediate support is found between $0.74 and $0.78. Identifying a subsequent level is challenging given ARB has never traded this low. Taking into account traders' affinity for round numbers, we might see increased buying interest at the $0.7 level.
While the immediate trend for OP seems to be descending, its broader trajectory remains bullish. At present, the asset is navigating between a support zone of $1.28-$1.34 and faces resistance between $1.41-$1.46.
For a positive shift, Optimism needs to solidify its position above the pivotal $1.5 mark. Achieving this could clear the path for the next potential highs, targeting the $1.57-$1.63 range, followed by a resistance at $1.68.
On the other hand, should Optimism continue its current downward trend, its price might retest the previous low around $1.21 or even approach the buyer's interest near $1.15. Given the strong correlation between OP and Bitcoin's price, a dip in Bitcoin could prompt such a scenario for Optimism.
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Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the Gagarin News editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
This analysis was informed by the following educational materials and articles from Gagarin News: