Ethereum

bullish

Optimism

Time

Coin

<p>Crypto market analyst Ali has again highlighted Optimism (OP), an Ethereum scaling layer 2 solution, predicting bullishness on the token. </p> 
<p>Ali says OP is capturing a set of chart patterns historically associated with a crack of a potential rally. This is something it experienced in previous cycles. </p> 
<p>In his analysis, he zeroes in on OP’s tendency to form bullish ascending triangles at market bottoms. Once confirmed, can be followed up on what are often significant price advances.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Optimism?src=hash&amp;ref_src=twsrc%5Etfw">#Optimism</a> <a href="https://twitter.com/search?q=%24OP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$OP</a> has a history of forming market bottoms with ascending triangles, often followed by rallies to the 1.618 Fibonacci retracement level. Today, we’re seeing a similar setup, pointing to a bullish target of $7.20 for <a href="https://twitter.com/hashtag/OP?src=hash&amp;ref_src=twsrc%5Etfw">#OP</a> — a potential 340% gain. <a href="https://t.co/4ingaFv4d3">pic.twitter.com/4ingaFv4d3</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1856084118234116233?ref_src=twsrc%5Etfw">November 11, 2024</a>
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<p>According to Ali, <a href="https://www.thecoinrepublic.com/2024/08/30/optimism-op-price-actions-seem-bearish-but-holders-enjoy-profit/">OP</a> is now establishing another ascending triangle pattern. It is bound to be preceded by a trend reversal and breakout rally in technical analysis. </p> 
<p>Ali believes that OP could surge to a very bullish $7.20 on this basis. This is also at the 1.618 Fibonacci retracement level, the hotspot often seen in technical charting. </p> 
<p>If OP can make it that far, that could equal a 340% gain. This would also have the potential to attract traders and investors.</p> 
<h2 class="wp-block-heading" id="strong-optimism-down-over-10-for-the-day-strong"><strong>Optimism Down Over 10% for the Day</strong></h2> 
<p>Although the long-term forecast is bullish, OP has started to go down hard and fast. It shed over 10% in one day. For now, it trades at around $1.59, its price plummeting from its recent highs. </p> 
<p>This has hurt market sentiment, and OP’s market cap and trading volume are falling. The current market cap is around $2 billion, and the 24-hour trading volume is around $671.25 million. </p> 
<p>The sell off is a broader market correction, but Ali believes the downturn may signal OP’s bottoming process instead of a negative indicator.</p> 
<p>Ali points out that forming an ascending triangle often results in these pullbacks as the pattern rallies to near support before breaking out. </p> 
<p>In this case, now <a href="https://www.thecoinrepublic.com/2024/08/27/optimism-grows-for-durovs-release-can-toncoin-ton-price-resurge/">OP’s price</a> movement around the lower boundary of the triangle could be favorable for a buy, hoping for a rally.</p> 
<h2 class="wp-block-heading" id="strong-the-case-for-a-rally-technical-analysis-strong"><strong>The Case for a Rally: Technical Analysis</strong></h2> 
<p>Historically, OP technical indicators signal it may be nearing a big price move as the pattern of Fibonacci retracement levels it is following. </p> 
<p>OP had previous cycles of breaking out of this setup, and the 1.618 Fibonacci extension needed to be tested after. </p> 
<p>Ali’s chart further validates this trend. OP has rallied after consolidating in ascending triangles and heading towards predetermined key Fibonacci resistance levels.</p> 
<p>The attached chart shows multiple instances of <a href="https://www.thecoinrepublic.com/2024/08/17/optimism-price-prediction-will-op-price-rise-from-the-ashes/">Optimism</a> being on similar patterns at or around 1.618 Fibonacci. </p> 
<p>These historical patterns indicate that Ali’s forecast that OP can hit $7.20 is accurate. After the token formed and broke out of ascending triangles, it has likewise hit these levels. </p> 
<p>In technical analysis, the 1.618 Fibonacci extension tends to be a bit of resistance, which makes it a very realistic take-profit target for traders and investors looking for it as a potential profit target. </p> 
<p>This can be seen from the latest series of red candle stick patterns as the price breaks below the ascending channel.</p> 
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<p>On the other hand, at 21.41, the ADX reading indicates OP to be in a phase of low trend strength; the asset is consolidating. </p> 
<p>If OP breaks out and momentum strengthens, then the ADX will go up, which will mean strengthening momentum, confirming the validity of the ascending triangle and suggesting a strong trend to the upside.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/14/optimism-about-to-pump-according-to-experts-time-to-buy/">Optimism About To Pump According To Experts, Time To Buy?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Optimism About To Pump According To Experts, Time To Buy?

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