Optimism (OP) Buying Zone Identified, Targeting $2.00
Muhammad Faraz 
Optimism (OP) Buying Zone Identified, Targeting $2.00
Optimism (OP), a leading Layer-2 scaling solution for Ethereum, is currently trading at $0.671, showing a 4.82% decline in the last 24 hours. Despite the short-term bearish sentiment, the technical chart highlights a potential accumulation zone and a possible upside rally toward the $2.00 target level.
Current Price Action
- Current Price: $0.671
- 24h Range: $0.668 – $0.706
- Volume: 2.37M – 3.87M (indicating moderate market activity)
The price has been consolidating after a prolonged downtrend that began from its previous highs above $2.50 in December 2024. This consolidation phase is forming a base structure within a key demand zone, suggesting accumulation by market participants.
Key Technical Levels
Buying Zone
The chart identifies a buying zone between $0.55 – $0.75, marked by strong historical support. This zone has held multiple times in the past, attracting buyers and preventing further downside.
Resistance Levels
- Immediate Resistance: $1.00 – $1.20
- Major Resistance / Target: $2.00
A successful breakout above $1.00 could pave the way for a swift move toward the $2.00 resistance, which aligns with a previous supply zone and psychological price level.
Trend Analysis
- Downtrend Broken?
The previous descending trendline (dotted blue) shows a significant bearish phase from late 2024 to early 2025. Recent price action suggests a potential reversal as OP attempts to establish higher lows within the green accumulation zone. - Volume Confirmation
Volume spikes near support zones indicate buying pressure. Sustained volume above average could confirm bullish momentum if OP breaks key resistances.
Short-Term Outlook
- Bullish Scenario:
If OP maintains support above $0.60–$0.65 and breaks $1.00, momentum could quickly drive it toward the $2.00 target zone. - Bearish Scenario:
Failure to hold $0.60 could open the door to retest lower support near $0.50, potentially delaying bullish recovery.
Long-Term Potential
Optimism remains a fundamental Layer-2 solution within the Ethereum ecosystem, benefiting from increasing DeFi activity and Ethereum scaling adoption. With broader market recovery, OP’s price could revisit previous highs beyond $2.00, especially if Ethereum network usage continues to surge.
Final Thoughts
The chart analysis of Optimism (OP) highlights a promising accumulation opportunity in the current range. A confirmed breakout above $1.00 could ignite a bullish rally toward $2.00, offering a potential 3x return from the buying zone. However, traders should monitor volume, Bitcoin’s market trend, and macroeconomic factors before entering positions.
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