Crypto Price Prediction For December 22: OP, ROSE, ARB

22.12.2023

Crypto Price Prediction: The crypto market witnessed a bullish upswing this week as we near 2024 with high confidence toward the potential approval of Bitcoin spot ETF. The top two leading crypto Bitcoin and Ethereum affirmed the positive sentiment with an 8-10% weekly gain.

The global crypto market cap has reached $1.66 trillion, marking a 1.01% rise from the previous day. Additionally, the total volume of cryptocurrency transactions in the last 24 hours has surged to $75.86 billion, representing a significant increase of 6.91%

Amid this bounce, some selective tokens like Optimism (OP), Oasis Network(ROSE), and Arbitrum (ARB) have recorded the highest jump in the last 24 hours.

Also Read: Bitcoin Spot ETF Launch To Not Discourage MicroStrategy Investors, Asserts Michael Saylor

Optimism Price Analysis: $OP Leads Sustained Recovery in Tandem with Rising Network Activity

Optimism Price Analysis| TradingView Chart

Leading Layer 2 (L2) network Optimism (OP) coin entered a strong recovery mode in mid-October when the price rebounded from the $1.5 mark. Over the past two months, this recovery has showcased 151% to reach the current trading price of $2.89.

While this rally supported by increasing volume shows the dominant nature of buyers, the constant growth in the number of addresses gives an additional boost to bullish sentiment. A recent post from Intotheblock in X platform highlighted “The network currently counts over 5.9 million addresses with a balance, up 391% from 1.2 million in January!

Such steady growth projected in this metric gives a signal of increasing user engagement and adoption levels.

With a 16% intraday gain, the OP price breaks another key resistance, paving the way for a further rally. If the daily candles give a closing above the breached resistance, the buyers may drive the prices another 16% to hit a 10-month high of $3.29.

Furthermore, the 20-and-50-day EMA can provide strong pullback support in case of occasional correction.

Oasis Network Price Analysis: Key Resistance Breakout Sets 16.5% Jump Ahead

Oasis Network Price Analysis| TradingView Chart

The Oasis Network(ROSE) token has been under strong recovery since late October, showing a jump from $0.0396 to $0.118, registering 198.9% growth. However, recovery achieved a significant milestone on 14th December, when the price breached the $0.085 neckline resistance of the Double Bottom Pattern.

Completion of this bullish reversal pattern gave a strong signal of trend reversal. Today with an intraday gain of 7%, the buyers provide a bullish breakout from another key resistance. This breakout backed by strong volume and recovery sentiment in the market, reflects a higher potential of prolonged rally.

Thus, if the altcoin shows sustainability above this $0.085 mark, the buyers may lead 16.85% to hit the predetermined target of a double bottom pattern at $0.1376.

The momentum indicator RSI at 75% accentuates a suitable bullish momentum for a price rally.

Arbitrum Price Analysis: Bullish Reversal Pattern Hints a Rally Beyond $1.5

Arbitrum Price Analysis| TradingView Chart

Over the past seven months, the Arbitrum (ARB) coin has traded majorly sideways below $1.35. However, a look at the daily timeframe chart showed this consolidation as the formation of a bullish reversal pattern called an inverted head and shoulder pattern.

This reversal pattern commonly spotted at the end of a downtrend indicates increasing accumulation and early signs of trend reversal. By press time, the ARB price traded at $1.13, and with an intraday gain of 13.4%, it gave a decisive breakout from the neckline resistance of the aforementioned pattern.

A successful candle closing above this barrier would provide the buyers a suitable support to carry a 38% recovery to hit the April 2023 high of $1.82.

An uptick in the daily ADX(Average Directional Index) slope at the 15% mark indicates the buyers have sufficient steam to prolong a bullish rally.