Optimism (OP) appears set for a significant bullish breakout.
OP has bounced off a notable support in a bullish pattern.
A recent airdrop event triggered investors’ interest in Optimism (OP).
OP, the native cryptocurrency of the Optimism layer-two blockchain on Ethereum, looks ready for a breakout that could kickstart a long-awaited price rally. OP’s price action on the weekly chart shows the cryptocurrency has bounced off key support and is forming a new upward trend.
Data from TradingView shows OP found a bottom after retesting the support at $1.06. That level represents significant support for the cryptocurrency established in June 2023 after pulling back from a massive rally. August 5, 2024, marked the first time OP retested that support. More significantly, it represents the cryptocurrency’s lowest price in 2024 and fulfilled a complete Fibonacci retracement from the year’s price rally.
OPUSD Weekly Chart on TradingView
Since bottoming out on August 5th, OP has rallied over 80%. The price climbed from $1.063 to $1.939 in two months before dropping slightly. However, OP seems to have regained its bullish momentum and is moving towards a retes…
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