Optimism [OP]: Analyst warns drop below $0.30 could be next IF… – BitRss

• OP’s head-and-shoulders breakdown signaled a potential collapse, with $0.30 as the next target.
• Declining transactions and weakening demand suggested OP could face a major downturn.

Optimism [OP] is showing signs of weakness as a head-and-shoulders pattern points to a possible major downturn. The coin was trading at $1.16 at press time, up 3.54% in the last 24 hours.

But analysts warn that a deeper decline may be on the horizon. 

If the bearish trend continues, OP could drop below $0.30, marking a steep fall from its previous highs.

Bearish reversal pattern signals trouble for OP

Technical analysis reveals a clear head-and-shoulders formation, often signaling the end of an uptrend. The left shoulder formed in early 2023 when OP peaked at around $3.70—$3.80.

The head followed in late 2023 to early 2024, with OP reaching a high of $4.90—$5.00. The right shoulder developed in mid-2024, but the price failed to surpass $3.00, indicating weakening bullish momentum.