Optimism Price Prediction (OP) – $5 Target and Beyond After Impressive 2023
In 2023, the Optimism coin (OP) price appreciated around +449% from $0.909 to $4.191. According to DefiLlama, the Optimism Network’s TVL increased from $500M to $900M throughout this year.
Apparently, the Layer-2 Network had a progressive year. With its current potential and growth, the next year’s Optimism Price Prediction seems promising.
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Optimism’s ‘We Love The Art’ Contest: $1.2M Prize Pool Boosts Network
Recently, OP has been in the limelight in the NFT market because of an event.
Optimism Foundation has introduced the “We Love The Art” On-Chain Contest on the OP mainnet with a significant 1.2 million $OP prize pool.
The event, launched in November 2023, includes categories like generative work, AI art, and music. Notably, the submission deadline was extended until January 8 due to popular demand.
This initiative aims to make the OP mainnet a leading hub for creators. It focuses on breaking barriers, fostering community engagement, and dispelling misconceptions about on-chain capabilities.
The substantial prize money not only recognizes participants but also attracts talent, contributing to a lively ecosystem.
Additionally, the event’s visibility attracts potential investors.
This contributes to enhancing the overall value and prominence of the Optimism network in the blockchain landscape.
Since the event’s launch in November, the OP token has experienced around +216% gains. This showcases the potential for future upward momentum after the completion of the event.
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Optimism Price Prediction – Elliot Wave Pattern Indicates $5 Target Price
In the weekly chart analysis of OP/USDT, there are indications of potential long-term positive momentum. The analysis suggests a continuation of the Elliot Wave Leading Diagonal Pattern.
It raises the possibility of Optimism coin experiencing a temporary price decline before reaching new highs.
Presently, prices are in proximity to the initial support of 3.28.
A drop and closure below this level could trigger the next support level of 2.49. Subsequently, a further decline to the key support level of 1.81, a 46% decrease from the current price level, may occur.
Following this potential decline, a rebound could be anticipated if the Elliot Wave Pattern persists. The expected trajectory is an ascent towards $5 and beyond.
Supporting this analysis, other technical indicators affirm the bullish Optimism price prediction.
The Relative Strength Index (RSI) currently resides in the overbought zone and hints at a potential reversal. However, it aligns with our pattern continuation theory. Additionally, the Awesome Oscillator (AO) supports forthcoming bullish signals, with green histograms building up well above the zero line.
See also: Which Crypto Will Explode in 2024?
Summary
From the existing price level, the initial resistance is situated at the 4.20 level. Any decisive break and closure above this level would reinforce the bullish bias. It will potentially propel the prices towards the next key resistance level of $5.06. This reflects a 51% increase from the current price level.
