The post Optimism (OP) targets $7.20 after forming bullish ascending triangle appeared on BitcoinEthereumNews.com.

Optimism may surge 340% as it nears a breakout from a bullish ascending triangle. On-chain data revealed growing adoption and reduced exchange inflows, fueling bullish momentum. Optimism [OP] has been trading within a sideways range for the past five months, consistently struggling to break above the $2 resistance. Despite the consolidation phase, crypto analyst Ali suggested that this movement formed an ascending triangle pattern, a historically bullish setup.  This setup could pave the way for a rally toward the projected Fibonacci target. Potential for strong gains? Optimism has previously displayed a similar price movement. The first ascending triangle breakout saw the price rise from around $1.00 to a peak near $3.23, achieving a 220% gain. A second breakout occurred near $1.06, pushing the price to $4.77, marking a 350% increase. Now, analysts observe a potential third breakout point around $1.85. If Optimism follows its historical trend, the price could climb toward $7.20, which corresponds to the 1.618 Fibonacci retracement level.  This would represent a 340% gain from the breakout level, mirroring past performance. Source: X Current market dynamics and price movement As of press time, Optimism was trading at $1.81, marking an 11.09% increase in the past 24 hours and a 31.03% increase over the last seven days. Its 24-hour trading volume was $1 billion at press time, and the market cap was valued at approximately $2.27 billion, with a circulating supply of 1.3 billion OP tokens. Optimism’s current price was approaching the $1.85 resistance level. Breaking this threshold could confirm the ascending triangle breakout and lead to a sustained bullish rally.  Historical patterns suggested that Optimism has formed similar setups in 2022 and 2023, both leading to rapid price surges. On-chain data reflects positive sentiment On-chain metrics indicated growing interest in Optimism. A recent spike in new addresses showed…

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Filed under: News - @ November 12, 2024 4:21 pm