- Optimism ($OP) may hit $7.20, with a potential 340% gain, based on its Fibonacci pattern and bullish setup.
- Fibonacci targets for $OP are 4.770, 5.561, and 7.216, with strong resistance levels potentially affecting upward momentum.
- A support zone near 0.986 USDT marks the downside risk, with traders watching for a potential reversal if the price retraces.
Optimism ($OP) has historically shown a pattern of forming market bottoms with ascending triangles. These triangles often signal bullish rallies that reach key Fibonacci retracement levels. Currently, $OP is demonstrating a similar setup, presenting a potential price target of $7.20, which represents a 340% gain. This price movement could set the stage for significant upward momentum in the coming weeks.
Price Analysis and Fibonacci Extensions
The chart analysis shows OP’s movement against Tether (USDT) in a three-day timeframe. The initial bullish phase begins at 0.634 USDT. Following this, OP sees a notable rise to 2.243 USDT, aligning with the Fibonacci extension of 1. From there, the market enters a brief correction before continuing its upward trajectory. The price exceeds 3.237 USDT, hitting the 1.618 Fibonacci extension level.
However, the rally faces the resistance of around 3.290 USDT. This level triggers another correction, but OP regains upward momentum, reaching 3.136 USDT. This level aligns with the 3.136 Fibonacci extension, marking a significant price spike. After encountering resistance at 4.865 USDT, the price begins a bearish retracement phase. Despite this, OP stabilizes near 1.061 USDT, forming a symmetrical pattern and consolidating at a support zone.
Fibonacci Target Projections
The chart projects future price targets based on Fibonacci extensions. These targets are 4.770 USDT, 5.561 USDT, and 7.216 USDT. Each level represents key resistance points that OP may face as it continues its upward trend.
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Moreover, the shaded area in the chart highlights a possible price trajectory towards these levels. Hence, if the bullish trend continues, OP could see substantial gains as it approaches these Fibonacci targets.
Nevertheless, risks exist. The downside potential is marked by a support zone near 0.986 USDT. This area acts as a reversal zone, signaling a potential base if the price retraces further. Consequently, traders should closely monitor price movements around this level, as it could indicate the next shift in the market.
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