The price of altcoin Optimism (OP) has experienced a 4.3% increase in the past 24 hours, despite a 7-day crash of 22.26%. The altcoin currently trades at $1.14 with a market cap of $1.5 billion. The recent recovery raises hope for traders, although questions remain about whether it can overcome the recent market crash. The declining price trend has formed a falling wedge pattern, which historically signals potential bullish reversals. The altcoin is currently holding support near the $1.10 level, which is crucial to watch. There are indications of a bullish reversal, including lower price rejections and a bullish divergence between the stochastic RSI line and positive crossover. If the bullish turnaround continues, the price could reach the overhead resistance trendline near $1.47, triggering an extended bull run. However, a bearish head-and-shoulders pattern has also been identified, which could lead to extended downtrends if the price breaks below $1.05. Traders should closely monitor the key support and resistance levels to determine the next significant move.



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