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Brian Bollinger Optimism’s January recovery has seen a parabolic rally, with a low of $0.909 on January 1st to a high at $3.24 on January 2, registering a near 255% growth. The coin price reached a local high at $3.24 and then fell immediately. The pennant pattern formed from the ongoing sideways trendline. This pattern could have an impact on the OP coin’s near future movements. AdvertisementKey Points: A pennant pattern is usually found in an established uptrend and offers a short window to recover bullish momentum
A bullish breakout of the pennant pattern could result in a bull run to $5.
The intraday trading volume for the OP coin was $862 Million. This indicates a 68.9% increase.
Source-TradingviewThe Optimism coin shows the formation of a pennant pattern in the daily time frame chart. This pattern is marked by a strong rally, which is the pole, and then a small consolidation between two convergence trendslines. In theory, this consolidation could offer a small break for coin buyers, where they can replenish bullish momentum. Today’s coin price saw a 4.87% jump, and it also crossed the overhead trendline. This should release the accumulated buying pressure and signal for the resumption the bullish trend. Trending StoriesAlso read: CRYPTO ELEGRAM CHANNELS LIST-2023If the daily candle closes higher than the trendline, traders interested in entering can search for entry opportunities. This could signal that the next recovery cycle might begin. This breakout could lead to a rally equal to the size of that pole shot from breakout points in bullish conditions. This pattern is complete and the Optimism Coin is poised to make a bull run to $5. Technical IndicatorRSI: The daily RSI slope managed to sustain above the midline during the recent consolidation indicating the market sentiment remain bullishadvertisementTrend-Based Fibonacci Extension: as per this indicator, the post-breakout rally may push the op price to potential targets of $3.25, $3.52, and $3.9.Optimism Coin Price Intraday LevelSpot rate: $3
Trend: Bullish
Medium Volatility
Resistance levels: $3.25 and $3.52
Support levels: $2.5 and $2.08
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.