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The Optimism crypto gathered strength and surged on Friday, shedding losses incurred on Thursday.
The Optimism crypto managed to gain buyers on Friday and edged higher, recovering the previous day’s losses. The crypto rebounded from the 50-Day exponential moving average, showing signs of positivity over the charts.
The daily chart illustrates that OP crypto has reduced volatility in the short term and has been consolidating in a tight range for the last several sessions. The exponential moving average of 50-Day EMA has been acting as a dynamic support and the lower boundary of the range.
On the higher side, a psychological level of $4 and the previous swing high has been acting as the resistance and the higher boundary of the consolidation. The price has been hovering in a tight range and is unable to find a clear direction as of now.
With the increasing duration of consolidation, the possibility of a breakout is also increasing. Further breakout or breakdown may decide the next clear trend in the crypto.
At the time of writing, the OP crypto was trading close to $3.80 with an intraday increment of 2.45%. It had a 24-hour trading volume of $244.3 Million with a decrement of 50% as compared to the previous day.
Is Optimism Crypto Preparing For A Bull Run?
Furthermore, the short-term trend is indecisive and sideways due to the consolidation. However, the duration of consolidation is increasing and it may register a breakout soon.
OP is consolidating near the recent swing high which further increases the chances of a breakout on the higher side. Also, the long-term outlook is bullish at the moment and any breakout may indicate the continuation of the bullish trend. Besides, the overall crypto market is bullish, which may drive a new wave of buying.
Optimism Crypto Indicator Analysis
The technical indicators imply a bullish outlook above the 20, 50 and 200-Day EMAs. The EMAs are acting as dynamic support levels as the price took a rebound after retracing it.
Moreover, at the time the RSI line was placed at 55.03 points and that of the SMA line was placed at 56.51 points. Both the RSI and SMA lines were placed above the mean line, indicating a short-term positive outlook.
Optimism Price Prediction for February 2024
The most bullish observation of our analysts assumes a breakout of the recent supply of $4.04 level which may unlock the higher supply levels of $4.5 and $4.8. The bearish view of our analysts is that OP price is likely to drop till the previous demand zone of $3.5 level.
Optimism Price Prediction for 2024
The price prediction for 2024 shows that the OP token may advance to a high of $7.14 by the end of year 2024. On the contrary, the less optimistic view of our analysts expects the price to reach $5.54 by the end of 2024.
Optimism Price Prediction for 2025
Over the next two years, The OP price may hit the $9.07 mark, suggesting an upside potential of 139.87% by 2025. The pessimistic view is that the price could reach $6.53 by the end of the financial year 2025.
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
