Optimism Price Prediction As Buyers Eye Final Hurdle on Path to New All-Time-High

Optimism Price Prediction: Amid the broader crypto market’s recovery phase, Optimism has experienced significant buying interest, particularly above the $3 mark. Over the past week, this altcoin has risen from $3.08 to its present price of $3.76, marking a notable 22% increase. This upward movement has effectively recaptured 50% of the losses from the previous downturn, suggesting a strong possibility for further recovery.

Also Read: Breaking: Bitcoin Leads With $1.09 Bln Inflow Amid Bullish Outlook On ETH & ADA

Will OP Price Surpass $4 in the Coming Week

The OP coin price trajectory over the last four months can be analyzed through an ascending trendline on the daily chart, where the coin has consistently rebounded from this line of dynamic support at least three times. 

This pattern of recovery during market dips signifies active buyer accumulation and establishes a strong trend presence. On January 23, OP experienced a notable reversal from this support, propelling the price by 44% within three weeks. The presence of a long green candle in today’s daily chart further affirms the buyers’ strong conviction.

In addition, Optimism is currently setting the pace in the realm of optimistic rollups, as it leads with a significant portion of daily active addresses. Data from the crypto analytics firm Santiment highlights that Optimism Mainnet has consistently accounted for over 60% of the daily active addresses among the top optimistic rollups. 

This surge in user engagement follows the integration of popular apps like WorldCoin and Farcaster, highlighting Optimism’s growing ecosystem and its appeal as a scalable and efficient platform.

🌟Optimism Leads in Active Addresses!
Optimism Mainnet has frequently had over 60% of the number of daily active addresses out of the top optimistic rollups.
User activity on Optimism has increased as popular apps like WorldCoin and Farcaster have deployed on Optimism pic.twitter.com/W3rQChW7Nm

— IntoTheBlock (@intotheblock) February 11, 2024

Should the current recovery momentum continue, the OP price is anticipated to climb an additional 13% to tackle the previous swing high resistance at $4.28. A successful breach of this level could indicate a more definitive uptrend for this altcoin. 

Utilizing the Fibonacci Extension tool, the anticipated post-breakout rally could potentially elevate the OP price to $4.55, followed by a new All-time-high at $5. 

Also Read: Bitcoin is Now World’s 10th Largest Asset, Surpassing Tesla, and Visa

Technical Indicator:  

• Average Directional Index: The upticks in ADX slope around 16% accentuate buyers have sufficient momentum to extend the recovery trend.
• Bollinger Band: An uptick in the upper boundary of Bollinger Band highlights an aggressive buying in the market.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.