The post Optimism forms bullish pattern: Odds of OP breaking $1.18 are… appeared on BitcoinEthereumNews.com.

Journalist Posted: February 18, 2025 On-chain data signaled whale accumulation, and heavy dependency on Bitcoin’s movement as OP’s open interest rises. An analyst predicted a potential 24% gain if optimism breaks above the ascending triangle pattern following a bullish market sentiment. As of this month, Optimism [OP] has been trading within an ascending triangle pattern on the 4-hour chart, with its price surging 2.31% in the last 24 hours according to CoinMarketCap data. Op’s trading volume increased by 21.38% as the token flashes signs of recovery. Will OP break above the $1.18 key resistance and rally above the ascending triangle formation? Optimism’s technical setup OP’s price sat on an ascending trendline and was trading at $1.13, at press time. The uptrend in its ascending triangle suggests a bullish breakout above the $1.19 key resistance level. The ascending support range is $0.91 to $1.10.  Source: TradingView As the trading volume rises, a breakout with high volume could confirm the bullish momentum. According to an Analysis shared by Ali Martinez on X (formerly Twitter), the breakout above the ascending triangle could push the price to the $1.28-$1.31 zone, generating a 24% gain. What do the on-chain metrics reveal? Looking at the holder’s profitability, the majority (89%) are at a loss, with only 7% sitting on profits, according to IntoTheBlock data. Additionally, whales or large-scale investors hold 83% of Optimism tokens. When writing, the Exchange Netflow stood at -$1.7 million, suggesting OP has been leaving exchanges lately. This could indicate whale accumulation or short-squeezing to cover positions and limit losses. With a Bitcoin correlation of 0.93, OP’s price trend is closely tied to BTC price movement. Source: IntoTheBlock Is Optimism recovering? As of this writing, Optimism’s 24-hour Relative Strength Index (RSI) was at 36, and rose to 49 in a 4-hour timeframe, based…

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Filed under: News - @ February 18, 2025 9:19 am