With a channel breakout retest rally gaining momentum, the OP price action reveals a high chance of an uptrend. Optimism maintains a solid bullish stance as the broader market stabilizes near the weekend. Will the uptrend in OP price hit the $2 mark with the release of bullish momentum?
OP Price Performance
The OP price action shows a retest phase with a falling wedge breakout rally in the daily chart failing to the 50D EMA. A three-day drop of 15% puts the broken resistance trendline at a retest and completes a three-black crow pattern following an evening star pattern.
The 4% jump in the last four days puts the bullish team back in action as the post-retest rally gains momentum. With a low-intensity bullish streak of four green candles, the underlying sentiments are gradually shifting.
The OP token price is currently trading at $1.470 with no significant intraday move after the 3.02% jump last night. As the uptrend gains momentum, the post-retest rally chances are skyrocketing.
Technical indicators:
EMA: The declining 50D EMA acts as a dynamic resistance for the altcoin and keeps the bullish attempts under check. Further, the 50D and 200D EMAs maintain a bearish alignment after the death cross event.
RSI: The daily RSI line shows an uptick crossing above the halfway line, reflecting a resurgence in bullish momentum. Hence, the momentum indicator supports the post-retest reversal chances.
Will OP Price Hit $2?
With the channel breakout rally gaining momentum with a post-retest rally, the bull run in the altcoin provides entry opportunities at lower prices. Furthermore, the breakout of the 50D EMA will signal a buying opportunity for the price action traders.
Based on the Fibonacci levels, the uptrend sustaining above the broken trendline, the 23.60% and 38.20% Fibonacci levels at $2 and $2.52, respectively.
On the flip side, the $1 psychological mark remains a crucial support level.
