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Optimism Crypto (OP) Extends Higher: Is It a New Buying Wave?

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Optimism Crypto (OP) Extends Higher: Is It a New Buying Wave?
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Optimism Crypto extended to gain higher on Sunday and has lifted off nearly 8% by afternoon sessions. On the upside, the crypto has surpassed the recent supply and a round level at $3.5 level and is headed to conquer the $4 level. 

The bears seem to have surrendered and have shifted their establishment at the upper supply zones near the $4 and $5. The OP crypto has more potential of nearly 8% on the upside till the $4 level. The buyers may easily conquer Intraday if resumes with the same momentum.

At the time of writing, the Optimism cryptocurrency was trading at $3.62 with a significant intraday gain of nearly 8%. It has a live market cap value of 3.47 Billion US dollars.

The current circulation supply of Optimism is 957.37 Million tokens against the total supply of 4.29 Billion tokens. The ratio of circulating supply to that of total supply is 0.22. Moreover, it has a fully diluted market cap of $15.563 Billion. 

Optimism Crypto (OP) Extends Higher: Is It a New Buying Wave?

Optimism Price Technical Analysis

Earlier, the crypto dropped lower in the 2nd week of January after the formation of a double top pattern on the daily chart. The crypto dropped lower breaking below the 20-Day EMA. However, the buyers registered their presence near the 50-Day EMA and halted the further downfall. 

The bears then failed to break lower and a double bottom pattern was noted on the charts after which buyers turned aggressive. The buyers played aggressive bullish bets which dragged the sellers on the backfoot and the crypto broke out of its short term correction phase. 

Currently, the Optimism crypto has broken out of the correction phase and is headed higher to conquer the upper supply levels. The most important hurdle on the upside seems to be near $4 after the breakout of which a more aggressive upside trajectory may be observed on the charts and a new swing high might be formed. 

Optimism Price Prediction February 2024

Optimism Crypto (OP) Extends Higher: Is It a New Buying Wave?
OP/USD Chart by TradingView

The most optimistic view of analysts assumes that the price may attain a high of $4.5 if the buyers are able to conquer the recent supply of $4  by the end of February 2024. However, the pessimistic view of analysts predicts that the price may slide near the 50 day EMA and recent support of $3 level. 

Optimism Price Prediction 2024

The price forecast for the year 2024 is that the OP token price could reach a high of $6.6, suggesting a potential gain of nearly 83.56%. On the other hand, the bearish outlook of the analysts predicts that the price could reach $5.22 by the end of the year.

Optimism Price Prediction 2025

By the year 2025, the Optimism price may attain $8.73 on the upper end. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $6.36.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

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