Bullish price prediction as $OP breaks out of 200-day accumulation to hit $2.6 target

Optimism Price Prediction: The Optimism (OP) coin has seen a significant change in its price dynamics over the past month. Initially trading within a range defined by two converging trend lines, this period of consolidation, while reflecting uncertainty among market participants, was revealed on the daily time chart as a flag pattern. This pattern is usually indicative of an upcoming continuation of an uptrend. Consequently, a recent breakout of this pattern and a key resistance level suggest that the OP’s price is poised to ascend to higher levels.

Also Read: Bitcoin ETF: Grayscale CEO Generates Optimism for Quick Approval

Has OP’s recovery reached $2.5?

  • Flag Pattern Breakout Caused 25% Increase in OP Price
  • A bullish crossover between 100 and 200 could give additional confirmation to buyers
  • The intraday trading volume on OP is $726 million, indicating a gain of 405%.
Price Prediction Optimism

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 that allows buyers to regroup and reinforce bullish momentum.

Market sentiment changed positively on December 7, leading to a substantial 26% increase in OP price and a decisive breakout of the pattern’s overall trendline. Currently, optimism price is trading around $2,133, trying to maintain its stance above the broken resistances.

If the price of the coin remains stable above the $1.93 mark, there is a possibility of a further 25% increase, aiming to reach a price of $2.66.

Is Optimism Coin Ready for Recovery?

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

  • Average Directional Index: The ADX slope rallies of around 20% accentuate that buyers have the potential to prolong the recovery trend.
  • Exponential moving average: 50-day EMA offers strong pullback support amid market correction

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