Bitcoin

Optimism

Coin

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/h0ubYtvI-e1702044943741.png" class="attachment-full size-full wp-post-image" alt="OP price" decoding="async" style="float:right; margin:0 0 10px 10px;">
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 <a href="https://coingape.com/education/bull-flag-pattern-in-crypto-meaning-and-how-to-identify/">flag pattern</a>. 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: <a href="https://coingape.com/bitcoin-etf-grayscale-ceo-is-optimistic-on-securing-approval/">Bitcoin ETF: Grayscale CEO Drives Optimism For Swift Approval</a> 
<h2 id="b-has-op-recovery-hit-2-5-b">Has OP Recovery Hit $2.5?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Flag pattern breakout set the OP price 25% upsurge</li> 
 <li style="font-weight: 400;" aria-level="1">A bullish crossover between the 100-and-200-day could give additional confirmation for buyers</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in OP is $726 Million, indicating a 405% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/h/h0ubYtvI.png" alt="Optimism Price Prediction" width="1946" height="1104">
 <figcaption class="wp-caption-text">
 Optimism Price Prediction| TradingView Chart
 </figcaption>
</figure> 
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.&nbsp; 
The <a href="https://coingape.com/markets/bitcoin-price-prediction-will-short-squeeze-fuel-btc-climb-to-48k/">market sentiment shifted positively</a> 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.&nbsp; 
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. 
<h2 id="b-is-optimism-coin-ready-for-recovery-b">Is Optimism Coin Ready for Recovery?</h2> 
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. 
<ul> 
 <li aria-level="1">Average Directional Index: The upticks in ADX slope around 20% accentuate buyers have the potential to prolong the recovery trend.</li> 
 <li aria-level="1">Exponential Moving Average: the 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> offers strong pullback support amid market correction</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/optimism-price-prediction-as-op-exits-200-day-accumulation/">Optimism Price Prediction As $OP Exits 200-Day Accumulation to Pursue $2.6 Target</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

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

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