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24h Spot Volume$ 24.08B-0.60%
DominanceBTC58.82%+0.19%ETH7.73%-0.30%
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Cryptorank
MainNewsIs Optimism ...

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


Feb, 05, 2025
1 min read
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

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MainNewsIs Optimism ...

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


Feb, 05, 2025
1 min read
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

Will Pi Network Survive This Unlock? Token Nears All-Time Low as Supply Flood Looms

Will Pi Network Survive This Unlock? Token Nears All-Time Low as Supply Flood Looms

Pi Network has declined by 8% in the past 24 hours, and upcoming token unlocks are li...
Apr, 03, 2025
3 min read
by Cryptonews
“The Signal Has Come, There’s Huge Volatility Ahead,” Analytics Firm Says, Predicting What Could Happen to Bitcoin and Altcoins

“The Signal Has Come, There’s Huge Volatility Ahead,” Analytics Firm Says, Predicting What Could Happen to Bitcoin and Altcoins

Cryptocurrency analysis company Alphractal focused on the future of Bitcoin and altco...
Apr, 05, 2025
by Bitcoin Sistemi