Optimism (OP) Price Prediction: Analysts Warn of Further Decline as OP Coin Bulls Lose Momentum

The price of Optimism (OP) has experienced a sharp decline over the past month, dropping by 47.04% in just the last 30 days and 20.89% in the previous week.

Optimism (OP) price has seen a steep decline over the last month, dropping by 47.04% in just the past 30 days and 20.89% in the previous week, making it one of the worst-hit cryptocurrencies amid recent bearish trends impacting the broader market.

Moreover, OP’s price performance has been particularly weak. It is currently down 77.02% from its all-time high of $4.85, reached in March 2024, and trades at $1.12 at press time.

Adding to its woes, analysts are now warning of a possible further decline in Optimism’s price.

Crypto Analysts Hint At Further Optimism Price DeclineAli, a prominent crypto analyst, suggests that the price of Optimism ($OP) might be due for a correction. According to the chart, a classic head-and-shoulders pattern is forming, which is typically an indication of a price drop.

#Optimism $OP seems to be forming a head-and-shoulders pattern, signaling a potential price correction ahead! pic.twitter.com/dCjWJ3R7zW

This pattern consists of a peak (the “head”) and two smaller peaks (the “shoulders”). Usually, this signifies that the Optimism price, which has been rising, could shift to falling. If this pattern is confirmed, it suggests that sellers are gaining control, which will likely lead to a price drop soon.

At the time of posting, $OP is trading around $1.0853, just above the neckline. This suggests that traders should watch this level closely for a confirmed breakdown.

If the price falls below the neckline with strong trading volume, it could confirm a head-and-shoulders pattern and result in a significant price drop. Traders will look for support around the $1.05 to $1.06 range, where buying might step in.

On the other hand, if the price does not drop below the neckline, the pattern may not hold, allowing for a potential bounce back up.

OP Coin Bulls Are Losing SteamCrypto analytics platform CEXscan also provides a similar bearish perspective, offering its technical analysis of Optimism (OP/USDT). The analysis shows an overall bearish trend despite some consolidation and minor upward corrections.

$OP/USDT Technical AnalysisOverall Trend: The overall trend is bearish, despite periods of consolidation and minor upward corrections. The long-term EMAs (mainly 200) show a strong downward slope. While the shorter-term EMAs (20, 50, 100) fail to sustain a breakout above it. pic.twitter.com/bsZSUFnH8g

According to their analysis, the 200-EMA remains sloping downward, highlighting a long-term bearish bias, while shorter-term EMAs (20, 50, 100) fail to sustain a breakout above it.

Key support levels lie in the $1.05 to $1.10 range, with resistance around $1.70 to $1.90, which has repeatedly capped price surges. However, the price movement lacks strong support, and these levels have not been tested thoroughly.

Volume analysis also supports the bearish trend. Most spikes in volume occur during consolidation or major price changes. In contrast, bullish movements often do not have enough volume to maintain upward momentum, contributing to the overall downward pressure.