- OP on the brink of a massive head-and-shoulders pattern breakout.
- OP holders still in profit, while 40.17% are out of the money.
Optimism [OP] has formed a head-and-shoulders pattern, a bearish signal that could lead to further downside. As the price hovers near a crucial support level, investors are left wondering if OP will continue its downtrend or reverse its course.
Will OP break down or break through? 🤔
Is OP doomed for a breakdown?
Analysis of OP revealed a well-defined head-and-shoulders formation, a pattern often associated with bearish reversals.
The left shoulder peaked around $2.70, the head formed near $4.50, and the right shoulder recently completed below $2.50.
OP has since dropped below $1.10, breaching the neckline. This breakdown, if confirmed, suggests further downside, potentially testing lower supports near $0.80 or lower.
However, a failed breakdown could trigger a short squeeze, forcing bears to cover their positions and potentially pushing OP toward a retracement back above $1.50.
OP: Bulls, bears in tug-of-war
A look into the break-even price data showed that 54.89% of OP holders remained in profit, while 40.17% were out of the money.
This suggested that a significant portion of investors could still exit at a profit, limiting panic selling.
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2025-02-26 03:05