[Optimism’s Price Prediction: $OP Is it ready to hit $4? 】
Optimism shows signs of a potential market turn. While the major cryptocurrency has been trading broadly sideways since Bitcoin’s fourth halving, OP has formed new higher lows on the daily chart, hinting at increasing buyer power.
Over the past two months, OP has clearly declined and bounced multiple times above a steep downtrend line on the daily chart, indicating traders are continuing to sell on market rallies. However, against the backdrop of the recent Bitcoin halving, OP managed to form a bottom at the psychological support level of $2, rising 45% in two weeks and currently trading at $2.63.
The 12.6% intraday gain suggests that OP is challenging a breakout of the upper trendline. If the daily closing price can stabilize above the trend line, it will indicate that the market situation has turned to the buyer's advantage. After a breakout, OP price could climb to $3.4, leading to potential highs of $4 and $4.78.
・Relative Strength Index (RSI): The daily RSI points to the 50% midline, indicating that market sentiment is gradually turning from negative to neutral.
・Exponential Moving Average (EMA): The 20-day EMA remains a dynamic resistance for OP price, suggesting that the downward trend may intensify.
If supply pressure persists, OP price could retest support below $2, continuing the current consolidation trend. These analyzes provide important insights into the future movements of the bullish coin, and investors should pay close attention to these technical indicators to make informed investment decisions.
