Optimism (OP) has been demonstrating a consistent upward trajectory, trading within an ascending parallel channel since its launch in May. As crypto expert Ali Martinez pointed out in a recent post, the currency’s performance has received mixed reactions from the market.
Despite a substantial drop to an all-time low of $0.396 in June 2022, prompted in part by the Terra implosion, Optimism quickly rebounded and surged 466% to $2.243 in August. Another uptrend ensued, propelling the asset to $3.290 in February after a significant retracement.
Analyzing a three-day timeframe, Ali emphasized that Optimism’s price movements have remained within an ascending parallel channel since its inception, suggesting a consistent pattern of higher highs and higher lows. This trend indicates a sustained upward momentum for the token.
Moreover, amid the latest market-wide resurgence, Optimism has broken above the middle boundary of the ascending parallel channel, reaching a new all-time high of $4.13. Ali believes this bullish momentum could propel the token towards the channel’s upper boundary, setting a target of $6, marking a 62% rally and a new all-time high.
It’s important to note that while Optimism has maintained support above $3.698 in the short term, a recent dip from $4.13 has caused a 4% decrease in value today. Despite this, Optimism currently holds the 15th largest 24-hour trade volume, with a surge of 30% to $970,055,817.
Overall, the data and analysis point towards a potential sustained rally for Optimism, with the digital asset attracting significant attention and trade volume within the crypto market.
