Optimism (OP) is currently at a critical support level of $3. On the hourly timeframe, OP is showing a steep downward trend, indicating a bearish trajectory. While oscillators show a neutral stance on the daily and weekly charts, moving averages signal a significant sell-off. Optimism stands to benefit from Ethereum's Dencun Upgrade, which has notably reduced gas fees. Therefore, the current downturn could be attributed to routine profit-taking and panic selling.
Taking a broader perspective on the weekly view, Optimism is forming a megaphone chart pattern. A reversal from the current support level could drive it to new all-time highs (above $4.5) in the next bullish phase. Monthly analysis of oscillators and moving averages strongly suggests buying opportunities. If Optimism is in your portfolio, consider accumulating during dips.
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