Optimism (OP) Price Analysis: Decline to 2022 Lows Signals Bearish Pressure

Key Takeaways

• Key support at $0.79, aligned with Fibonacci levels.
• Descending trendline resistance near $1.23 needs a breakout.
• Wave (c) completion could trigger a strong bullish reversal.
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Optimism (OP) is currently in a corrective phase, testing key support levels that could determine its next major move.

The daily charts suggest the asset is near the completion of a wave (c) decline, while the 1-hour chart highlights potential short-term movements before a breakout attempt.

OP Price Analysis

The daily chart shows OP in a prolonged corrective phase, forming an ABC structure. The price is currently testing the 0.5 Fibonacci retracement at $0.79, with the next key support at $0.34 (0.618 Fibonacci level).

Historically, OP has rebounded from this zone around $1, making it a critical area to watch for a potential reversal.

However, its recent decline was a breakout below the demand zone and will likely continue to the downside.

A descending trendline from previous highs remains a major resistance, positioned around $1.23. If OP breaks above this level, it would confirm a shift toward a bullish structure.

The RSI is near oversold conditions, reinforcing the likelihood of a bottom formation.

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On the 4-hour chart, wave (c) appears to be nearing completion. A strong bullish reaction from the current range ($0.79–$0.86) would signal the start of a recovery, with the first key upside target around $1.23.

If the price fails to hold this support, the next downside target is $0.34, though this scenario remains less probable.

OP Price Prediction

The 1-hour chart suggests OP is in the final stages of wave (c), with a possible last decline before a reversal.

Fibonacci levels highlight $0.79 as a strong support zone where buyers may step in.

A bounce from this level could lead to an initial rally toward $1.00, with confirmation above $1.23 signaling a larger breakout.

If OP holds above $0.79 and gains momentum, an extended wave (i) could push it toward $1.80, aligning with the 0.236 Fibonacci retracement from previous highs.

Further bullish continuation could see OP targeting $2.70 in the coming weeks if overall market conditions improve.

However, failure to sustain the $0.79–$0.86 range could trigger further downside. If OP breaks below $0.79, a deeper correction toward $0.34 may occur before any bullish trend resumes.

The RSI should be monitored, as a move above 50 would confirm a shift in momentum.

A successful rebound would validate a bullish reversal, with OP eyeing a strong breakout above $1.23 as a key confirmation level.

Key Levels to Watch

• Immediate Resistance: $1.00 (psychological level).
• Key Resistance: $1.23 (descending trendline).
• Short-Term Target for Wave (i): $1.80 (0.236 Fibonacci extension).
• Immediate Support: $0.79 (0.5 Fibonacci retracement).
• Critical Support: $0.34 (0.618 Fibonacci retracement).
• Invalidation Zone: Below $0.34, signaling extended downside risk.

If OP holds support and rebounds, a breakout above $1.23 could confirm a bullish reversal, targeting higher resistance levels in the coming months.