**Analyst Flags Falling Wedge Structure on Daily Chart for OP Token**
Recent market commentary highlights a developing falling wedge pattern on the daily chart for OP (Optimism), a structure traditionally viewed as a potential bullish continuation setup. Confirmation of this pattern typically requires a decisive breakout accompanied by sustained volume to validate the move and reduce the risk of a false breakout.
In a recent post shared on X, market analyst Globe Of Crypto noted that OP is currently consolidating near the edge of this falling wedge on the daily timeframe. This zone has historically attracted speculative interest during extended corrective cycles. According to the analyst, a rebound scenario remains technically valid as long as the coin maintains its structure above the immediate compression zone.
The analyst outlined a possible 100-120% upside projection as a mid-term scenario rather than a short-term trigger. However, this view remains conditional and does not imply directional certainty; instead, it presents a structured scenario based on chart geometry and historical pattern behavior.
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**Negative Daily Change While Liquidity Remains Healthy**
As of the latest BraveNewCoin update, OP is priced at $0.39, reflecting a -0.29% daily change. The token’s market capitalization stands at approximately $735 million, with 24-hour trading volume close to $147 million. The circulating supply is recorded at about 1.9 billion OP, positioning Optimism ranked 130th within the broader cryptocurrency market.
Price action remains tightly compressed between roughly $0.375 and $0.405, indicating continued low volatility amid neutral pressure. Despite subdued price performance, liquidity metrics—specifically volume turnover relative to market cap—suggest that OP retains active market participation. This supports the notion that the current price compression is more technical in nature rather than due to market abandonment.
However, no clear directional bias can be established based solely on liquidity data without accompanying structure-based confirmation.
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**TradingView Indicators Reflect Mixed Momentum with Key Levels Intact**
According to TradingView charts, OP is trading near $0.3920 and continues oscillating within the lower half of its Bollinger Bands. The Basis line is positioned around $0.4044, with the upper band near $0.4638, indicating that volatility remains compressed following a recent downside extension.
The lower Bollinger Band at about $0.3450 aligns with a potential support retest zone, should the price fail to hold above current levels. This scenario suggests stabilization rather than a confirmed reversal at this stage.
A falling wedge trendline drawn on higher-timeframe charts further reinforces that OP remains at a structural inflection point rather than being within a completed breakout sequence. Traders and investors should watch closely for a confirmed breakout with strong volume to validate any bullish continuation.
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**Summary**
– OP is consolidating near a falling wedge pattern on the daily chart, a potential bullish setup if confirmed.
– A rebound with 100-120% upside remains possible as a mid-term projection, contingent on the price holding key structural levels.
– Despite a slight daily price decline, liquidity remains healthy, indicating active market participation.
– Trading indicators suggest compressed volatility and a key support zone around $0.3450.
– Confirmation of a bullish breakout requires volume-supported candle closure beyond resistance levels.
Market participants are advised to remain cautious and await structural confirmation before assuming a directional bias for OP.
https://bitcoinethereumnews.com/tech/optimism-price-prediction-op-holds-wedge-support-as-buyers-monitor-breakout-setup/