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MainNewsIs Optimism ...

Is Optimism (OP) About to Crash? This Chart Isn’t Pretty


by Parth Dubey
for CoinEdition
Optimism (OP) Future Looks Bearish What’s Next for Cryptocurrency
  • OP token has formed a bearish head and shoulders pattern, said Ali Martinez.
  • If the pattern plays out, OP could retest the $0.95 – $1.00 support level. 
  • Investors should watch out for increasing volumes and a sharp retracement below the support level.

Optimism (OP), a major layer 2 cryptocurrency project, might be headed for a massive price decline. That’s because the altcoin has formed a well-known bearish pattern called the ‘head and shoulders.’ If the pattern holds true, the digital asset could drop to the $1 price level sometime soon. 

According to a post on X (formerly Twitter) by crypto analyst Ali Martinez, the OP/TetherUS perpetual contract chart on Binance (seen below) has formed a Head and Shoulders pattern. The left shoulder formed when OP first rallied before dropping back. The head took shape when the price climbed to a higher peak of around $1.2, only to fall sharply afterward. 

Next, the right shoulder showed up with a weaker rally, unable to go higher than the head, suggesting decreasing bullish momentum. The neckline seems to be around the $1.05 – $1.07 range. If OP breaks below this level with strong volume, it could trigger a shar…

The post Is Optimism (OP) About to Crash? This Chart Isn’t Pretty appeared first on Coin Edition.

Read the article at CoinEdition

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MainNewsIs Optimism ...

Is Optimism (OP) About to Crash? This Chart Isn’t Pretty


by Parth Dubey
for CoinEdition
Optimism (OP) Future Looks Bearish What’s Next for Cryptocurrency
  • OP token has formed a bearish head and shoulders pattern, said Ali Martinez.
  • If the pattern plays out, OP could retest the $0.95 – $1.00 support level. 
  • Investors should watch out for increasing volumes and a sharp retracement below the support level.

Optimism (OP), a major layer 2 cryptocurrency project, might be headed for a massive price decline. That’s because the altcoin has formed a well-known bearish pattern called the ‘head and shoulders.’ If the pattern holds true, the digital asset could drop to the $1 price level sometime soon. 

According to a post on X (formerly Twitter) by crypto analyst Ali Martinez, the OP/TetherUS perpetual contract chart on Binance (seen below) has formed a Head and Shoulders pattern. The left shoulder formed when OP first rallied before dropping back. The head took shape when the price climbed to a higher peak of around $1.2, only to fall sharply afterward. 

Next, the right shoulder showed up with a weaker rally, unable to go higher than the head, suggesting decreasing bullish momentum. The neckline seems to be around the $1.05 – $1.07 range. If OP breaks below this level with strong volume, it could trigger a shar…

The post Is Optimism (OP) About to Crash? This Chart Isn’t Pretty appeared first on Coin Edition.

Read the article at CoinEdition

Read More

JUST IN!  Morning Listing from Binance! Another New Altcoin Listed, Price Jumped!

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Bitcoin exchange Binance announced that it has listed the altcoin JST on futures with...
There Was a Huge Jump in the Altcoin That Binance Controversially Delisted! What's the Reason?

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