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Optimism: How whales can take OP to $2.60 soon
OP may witness a price surge as the market appears to align for upward momentum.
As Optimism (OP) begins to recover from its recent decline, there has been an increase in accumulation by large investors over the past 24 hours. The technical chart indicates that OP could reach $2.60, supported by the formation of a golden cross pattern.
Despite struggling for one month after a 22.34% decline, Optimism [OP] has started to recover, displaying steady gains of 7.92% weekly and 1.70% daily. With renewed buying activity, particularly from large investors, and a notable rise in average transaction value, OP may be primed for a significant rally.
Large investors step in
The market has seen a surge in large transactions involving OP over the past 24 hours, corresponding with a minor price increase. At the time of writing, 277.17 million OP, valued at $501.62 million, were purchased by large investors who hold a substantial portion of the supply. This activity suggests that the bulk buying was in favor of OP’s rally as its price sees a slight gain.
Additionally, the average transaction size has spiked remarkably, reaching levels last seen on November 4th. The average transaction size stood at $20,697.00 over the past 24 hours. The increase in both average transaction size and large transaction volume indicates substantial bulk purchases of the asset, adding a bullish undertone to the market.
A potential trade to $2.60
The bullish outlook remained apparent on the chart at the time of writing, with OP trading within an accumulation pattern and forming a golden cross pattern. On the 4-hour chart, OP was trading within a symmetrical setup defined by converging support and resistance lines—a bullish setup that has occurred occasionally.
If the anticipated breakout occurs, OP could rally by 36.98%, reaching $2.616 before either undergoing a price re-assessment or continuing its upward movement.
The golden cross pattern signals a potential high-momentum price surge is on its way as trading activity begins to increase. The golden cross occurs when the blue MACD line crosses above the orange signal line. At the time of writing, the MACD line stood at -0.001, while the signal line remained at 0.0021. This indicates a shift in momentum from bearish to bullish.
The Funding Rate on Coinglass shows that OP’s Funding Rate has turned positive, indicating that long positions were dominant. This dominance helps maintain price equilibrium and suggests that OP’s price may continue rising from its current level.
Source: ambcrypto.com
