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Optimism is demonstrating a bullish pattern, currently trading at 1.13 USD, with a breakout above 1.18 USD potentially leading to a 24% price surge. Whale accumulation and rising open interest suggest growing investor confidence.

With the key resistance identified at 1.19 USD and increased trading activity, OP could experience a significant bullish trend if it maintains trade above this level. Traders are advised to monitor the movement closely.

The head-and-shoulders pattern indicates a bearish outlook for Optimism [OP]. Current price trades at roughly 1.16 USD, with analysts cautioning against potential drops below 0.30 USD.

The breakdown of the critical support level at 1.40 USD raises alarms, directing attention to new support levels of 0.70 USD, 0.50 USD, 0.38 USD, and the significant threshold at 0.30 USD.

Market data indicates reduced user engagement, with active addresses down by 19.56%. Coupled with diminishing large trades, the overall sentiment is under pressure, prompting traders to closely monitor OP’s price action.

Optimism (OP) has formed a bearish head-and-shoulders pattern, indicating a price correction may be on the horizon. The coin is currently trading at 1.12 USD, backed by a recent increase of 5.34%. However, maintaining key support levels is essential as the market sentiment leans negative.

On-chain data shows a 0.87% decrease in network growth, reflecting reduced user activity. Moreover, 90.74% of OP addresses are ‘Out of the Money,’ which raises concerns of increased selling pressure if prices drop. Currently, the MVRV Long/Short Difference stands at -8.75%, indicating a bearish outlook.

OP trading volume is $119.36m. Market capitalization reaches $1.47b.