Compass Investments

$OP

A burst of optimism: $ 2 is the next target after the price rally?

- OP breaks through the 50-day moving average and RSI is approaching 60, hinting at more bullish strength.

Open interest reaches $ 233 million while volumes are falling, indicating traders are ready for the next big push.

Targets of $ 0.93 to $ 2.10 will become viable if #OP breaks above $ 0.80 resistance zone.

#Optimism (OP) is now testing the upper boundary of the descending channel that has been forming its price movement for almost nine months. The stock is trading in a pattern marked by lower highs and lower lows, forming a clear descending pattern on the daily chart.

Optimism was trading at $ 0.71 at the time of publication, up 3% over the past 24 hours and 5% for the week.

Analyst Jonathan Carter notes that the price is approaching the upper boundary of the channel, and volumes are showing signs of growth. A daily close above the $ 0.80 - $ 0.82 range could confirm the breakout.

In case of a breakout, traders will be watching for a potential move to $ 0.93, $ 1.20, $ 1.60, and $ 2.10. These levels correspond to previous trading activity and coincide with areas of higher volume on the chart.

As for the downside, support is in the area of $ 0.50 - $ 0.55. This area served as a base for the price during the past drawdowns and continues to be a key level to watch if the price movement weakens. Any unsuccessful attempt to break through the resistance may push the asset back to this zone.

the 50-day moving average located around $ 0.628 was recently crossed upwards. This level acted as resistance in the previous weeks, and now it may become support if the price continues its upward movement.

the Relative Strength Index (RSI), meanwhile, is near 60.

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