Can Grayscale’s Trust Launch Propel Optimism Price Out of Its 7-Month Lull?

During Thursday’s U.S. trading session, the crypto market witnessed a notable uptick as Bitcoin price displayed sustainability above $100k. Amid the renewed recovery, Optimism price recorded an accelerated momentum following the Grayscale investment launch of Optimism trust and a bullish reversal pattern.

Currently, the OP price trades at $2.57 with an intraday gain of 10.3%. According to Coingecko, the asset’s market cap is at $3.2 Billion, while the 24-hour trading volume is at $900.2 Million.

Key Highlights:

• Grayscale launches Optimism Trust, providing investors with direct exposure to OP.
• The OP coin trading sideways since April shows the formation of a rounding bottom pattern.
• The daily RSI indicator at 60% accentuates a positive sentiment suitable for a bullish pattern breakout. 

Grayscale Introduces Optimism Trust to Broaden Investment Opportunities

Grayscale Investments has unveiled the Optimism Trust, marking another step in its efforts to diversify its crypto offerings. This new trust provides both institutional and retail investors with direct access to OP. 

Optimism, a Layer 2 scaling solution for Ethereum, is known for its ability to improve transaction speed and lower costs, addressing the increasing demand for scalable decentralized finance (DeFi) solutions.

The announcement has already sparked interest in the market, with OP experiencing significant price movement in response. 

Optimism Price Eyes 62% Rally with Rounding Bottom Formation 

Over the past five weeks, the Optimism price rallied significantly from $1.29 to $2.59, accounting for a 98.5% growth. In the daily chart, this recovery trend reveals the formation of a classic reversal pattern called the rounding bottom.

Theoretically, this chart setup resembles an asset bottom formation as the price passes through three key phases, i.e., A downtrend, accumulation, and recovery. Amid the Grayscale’s announcement, the OP price surged to $2.59, standing 17% short of the key neckline breakout.

With the RSI (Relative Strength Index) indicator at 61%, projecting a positive market sentiment, the OP coin is set upside breakout. A successful flip of the overhead trend signals a major trend reversal and bolsters buyers to a 62% surge to target a $4.8 high.