The crypto project Optimism (OP) may see a significant price decline as it has formed a bearish pattern known as the 'head and shoulders.' If the pattern is confirmed, the digital asset could drop to around $1. A crypto analyst has identified this pattern on the OP/TetherUS perpetual contract chart on Binance. The left shoulder formed when OP rallied and dropped, the head was a higher peak followed by a sharp fall, and the right shoulder had a weaker rally, suggesting decreasing bullish momentum. The neckline is around $1.05 - $1.07, and if OP breaks below it with strong volume, a sharp decline could occur, potentially reaching $0.95 - $1.00. While OP is currently trading at $1.11, it has experienced significant drops in the past week and month. The accumulation of the asset has increased, indicating bulls buying the dip and a possible reversal in the future. However, the MACD indicator suggests bearishness, with the MACD line below the signal line and a red histogram. It is important to note that this information is for educational purposes only and should not be considered financial advice.



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