Optimism (OP) Stages a Comeback as Market Sentiment Turns Bullish, Eyes $3.39

• Optimism (OP) rebounds from a low of $0.7486, gaining 5% in the past 24 hours.
• A completed falling wedge pattern suggests a potential 30%–40% breakout.
• Key support at the lower boundary of a falling channel could trigger a rally toward $2.099, $2.752, and $3.398.

Optimism (OP) is gaining traction as it rebounds from a recent downturn, signaling a potential trend reversal. Over the past 30 days, OP has suffered an 18% decline, with a 10% drop in the last week. However, after reaching a low of $0.7486, the altcoin has bounced back, mirroring Bitcoin’s resurgence, which has sparked renewed optimism across the crypto market.

At the time of writing, OP is trading at $0.8556, marking a 5% increase in the last 24 hours. Its trading volume has surged to $358.01 million, with a market capitalization of $1.39 billion. The recent upswing suggests that OP may be gearing up for a stronger recovery, driven by improving market sentiment and growing investor confidence.

Optimism (OP) Stages a Comeback as Market Sentiment Turns Bullish, Eyes $3.39 5

Optimism (OP) Targets $3.39 if Momentum Sustains

According to World of Charts, OP has recently completed a falling wedge pattern, a historically bullish formation that often precedes sharp price breakouts. If OP successfully breaks out of this pattern, it could surge by 30% to 40%, marking a strong recovery phase.

Optimism (OP) Stages a Comeback as Market Sentiment Turns Bullish, Eyes $3.39 6

Further insights from Rose Premium Signal highlight that OP is currently testing a key support zone at the lower boundary of a falling channel. This level has acted as a strong demand zone in the past, attracting buyers and preventing further declines. If OP holds this support level, it could trigger a substantial rally, with potential price targets set at $2.099, $2.752, and $3.398.

Optimism (OP) Stages a Comeback as Market Sentiment Turns Bullish, Eyes $3.39 7

Bitcoin’s Influence and Market Sentiment

Bitcoin’s recent bounce has played a crucial role in shifting the market sentiment from bearish to bullish. As BTC continues to recover, altcoins like OP are gaining momentum, benefiting from increased liquidity and renewed investor confidence. Historically, altcoins tend to follow Bitcoin’s lead, and if BTC maintains its upward trajectory, OP could see further gains in the coming weeks.

With technical indicators aligning in favor of a breakout and market sentiment improving, OP appears to be at a pivotal moment. If buying pressure sustains and OP holds above key support levels, the altcoin could see a prolonged recovery. Traders and investors are closely watching the upcoming price movements, as Optimism positions itself for potential double-digit gains in the near term.

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