Price Analysis

Optimism Price Prediction As $OP Exits 200-Day Accumulation to Pursue $2.6 Target

Optimism Price Prediction: The rising OP price gives a decisive break out from the flag pattern as a signal of uptrend continuation 
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Optimism Price Prediction As $OP Exits 200-Day Accumulation to Pursue $2.6 Target

Optimism Price Prediction: The Optimism (OP) coin has experienced a significant shift in its price dynamics over the past month. Initially trading within a range defined by two converging trendlines, this period of consolidation, while reflecting uncertainty among market participants, was revealed in the daily timeframe chart as a flag pattern. Such a pattern is typically indicative of an upcoming continuation of an uptrend. Consequently, a recent breakout from this pattern and a key resistance level suggests that the OP price is poised to ascend to higher levels.

Also Read: Bitcoin ETF: Grayscale CEO Drives Optimism For Swift Approval

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Has OP Recovery Hit $2.5?

  • Flag pattern breakout set the OP price 25% upsurge
  • A bullish crossover between the 100-and-200-day could give additional confirmation for buyers
  • The intraday trading volume in OP is $726 Million, indicating a 405% gain.
Optimism Price Prediction| TradingView Chart

This bullish reversal pattern, identified during the recovery phase from mid-October to November, followed by a consolidation phase, indicates a strategic pause allowing buyers to regroup and reinforce the bullish momentum. 

The market sentiment shifted positively on December 7, leading to a substantial 26% surge in OP price and a decisive breakout from the pattern’s overhead trendline. At present, the Optimism price is trading at around $2.133, attempting to maintain its stance above the breached resistances. 

Should the coin’s price remain stable above the $1.93 mark, there is potential for a further 25% increase, targeting a price of $2.66.

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Is Optimism Coin Ready for Recovery?

From mid-May to early December of 2023, the Optimism coin predominantly exhibited a sideways trend, with the price oscillating below the $1.9 resistance level. This phase likely represented an accumulation period, where buyers capitalized on lower prices to acquire the asset. The notable breakout on December 7 marked a departure from this sideways trend, signaling a potential trend reversal and a stronger confirmation of an ongoing recovery.

  • Average Directional Index: The upticks in ADX slope around 20% accentuate buyers have the potential to prolong the recovery trend.
  • Exponential Moving Average: the 50-day EMA offers strong pullback support amid market correction
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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