Optimism (OP) Price Prediction: Will the Uptrend Hit the $2 Mark?

With a channel breakout retest rally gaining momentum, the OP price action reveals a high chance of an uptrend. Optimism maintains a solid bullish

OP Price Key Points

OP price action shows a retest phase with a falling wedge breakout rally in the daily chart failing to the 50D EMA.

A three-day drop of 15% puts the broken resistance trendline at a retest and completes a three-black crow pattern following an evening star pattern.

The 4% jump in the last four days puts the bullish team back in action as the post-retest rally gains momentum.

OP Price Analysis: A Deep Dive

The OP price action shows a falling wedge pattern on the daily chart with a breakout rally that failed to reach the 50D EMA. A three-day drop of 15% puts the broken resistance trendline at a retest and completes a three-black crow pattern following an evening star pattern on the daily time frame.

Later, a 4% jump in the last four days puts the bullish team back in action as the post-retest rally gains momentum. In total, a low-intensity bullish streak of four green candles shows the underlying sentiments shifting slowly.

OP Price On The Lower Time Frames

The OP token price is currently trading at $1.470 with no significant intraday move after the 3.02% jump last night. As the uptrend gains momentum, the post-retest rally chances are skyrocketing.

On the hourly time frame, the OP price action shows a consolidation phase after a strong bullish rally from the lower levels. A double top pattern formation is visible with the neckline of the pattern at $1.44, which acts as a crucial support level for the token.

Moreover, the 20 EMA acts as dynamic support for the token price, and the RSI indicator shows an uptick from the oversold zone, reflecting the bullish momentum building up in the token.

Technical Analysis: OP Price

Moving Average (EMA): The declining 50D EMA acts as a dynamic resistance for the altcoin and keeps the bullish attempts under check. Further, the 50D and 200D EMAs maintain a bearish alignment after the death cross event.

Relative Strength Index (RSI): The daily RSI line shows an uptick crossing above the halfway line, reflecting a resurgence in bullish momentum. Hence, the momentum indicator supports the post-retest reversal chances.

OP Price Intraday Levels

The spot price of OP is crucial as the altcoin showcases a bullish recovery after a post-falling wedge breakout retest. A three-day drop puts the broken trendline at the lower support, and the uptrend attempts to gain back the lost ground.

* Resistance level – $1.52 and $1.6

* Support level – $1.44 and $1.38

OP Price Analysis: Conclusion

To conclude, the OP price analysis reveals a high chance of an uptrend retest rally gaining momentum after a falling wedge breakout retest. As the broader market stabilizes near the weekend, optimism maintains a solid bullish stance. Will the uptrend in OP price hit the $2 mark with the release of bullish momentum?