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Optimism Surges: OP Price Climbs on Volume Spike, Bullish Pattern Confirmed
The price of Optimism (OP) has surged significantly after a spot listing on South Korea’s Upbit exchange. The token has broken out of a falling wedge pattern and is showing no signs of slowing down.
In the past 24 hours, the volume of OP trading has seen an astonishing spike of over 717%, with more than $1.1 billion in transactions. As a result, the price has jumped to a two-month high of $0.8322.
This sudden and substantial increase in value is being attributed to Upbit’s listing decision, which has drawn significant attention from traders and investors.
The charts indicate that OP may have broken out of its falling wedge pattern, which could potentially signal a bullish continuation for the token. However, this optimism should be tempered by the fact that there will be an upcoming token unlock of 31.34 million tokens.
It is well-known in the cryptocurrency space that such events often result in short-term selling pressure as more supply enters the market.
Nonetheless, many traders and investors seem to be unfazed by this impending event, suggesting confidence in OP’s long-term potential.
One trader described the recent move as a major indication of renewed strength within the crypto market. They stated, “I don’t see this as just a price move; it feels like the market is regaining its strength. Seeing strong projects like $OP kick off the week like this could be a turning point for us all.”
As OP approaches resistance levels above, such as $0.96 and $1.45, market participants are eager to see if momentum can continue.
For now, it appears that the price is well-supported near its current level of around $0.824, but we will have to wait and see how things unfold in the days ahead.
Source: blockonomi.com
