Optimism (OP) Poised for 340% Surge: Can Notcoin (NOT) Price Hit This Next Target?
NOT
BULLISH
OP
READ
CAT
Analyst Ali Charts points to potential upward moves for both Optimism (OP) and Notcoin (NOT). In an analysis shared on X, crypto analyst Ali Charts spotlighted potential bullish setups for both tokens.
For OP, an ascending triangle pattern suggests a possible upward breakout, while NOT’s falling wedge formation indicates a potential reversal. Both tokens are positioned at crucial levels, with each chart hinting at potential gains if these patterns play out as anticipated.
Optimism (OP) Forms Ascending Triangle, Targeting 340% Gain
Ali Charts highlighted Optimism as forming an ascending triangle, a pattern associated with bullish continuations and market bottoms. The setup shows OP consolidating within this triangle, characterized by higher lows and a consistent upper boundary, suggesting a buildup toward a potential breakout.
Ali Charts notes that OP has previously rallied after forming this pattern, potentially leading to another strong upward move. Based on the Fibonacci retracement tool, Ali Charts points to the 1.618 Fibonacci extension level as a possible target for OP’s current rally.
In previous trends, OP has shown strong price movements when hitting this level, and the current bullish target is set at $7.20. From OP’s trading price around $1.65, this projection represents a potential gain of 340%. OP trades at $1.80 at press time.
Fibonacci Levels Reinforce OP’s Price Target
The Fibonacci 1.618 extension has served as a key resistance for OP, marking levels where rallies tend to pause or reverse. According to Ali Charts, the level is currently at $4.77, and if OP breaks past it, it could continue toward the higher target of $7.20.
Historical data shows that previous rallies from ascending triangles on OP’s chart delivered gains of up to 181.38%. Hence, it supports the possibility of a similar breakout in the current setup. The price has also been supported by a horizontal zone around $1.06, adding strength to a potential bullish move.
Read also: Bitcoin Whales Accumulate as BTC Price Makes History
Notcoin (NOT) Tests Breakout Point from Falling Wedge Pattern
Ali Charts also provided insights on Notcoin, noting that it is currently testing the breakout point of a falling wedge pattern.
Falling wedges are typically associated with bullish reversals and suggest that NOT could see an upward breakout if the price manages to surpass the wedge’s upper boundary. This resistance level has contained NOT’s price for some time.
A successful breakout may push the token to a target of $0.012, indicating a potential gain of over 76% from its level of around $0.0074. At publication, NOT trades at $0.007984.
The tweet from Ali Charts highlights that this setup could position NOT for a significant move upward if confirmed. The token has gained over 8% in the last 24 hours, indicating market interest as the price nears the breakout level.
Support and Resistance Levels Critical for NOT’s Breakout
The falling wedge’s lower trendline has provided dynamic support throughout NOT’s recent downtrend, helping to stabilize the price. Additionally, horizontal support around $0.006 reinforces the current setup, offering a robust base for an upward move.
Ali Charts emphasizes the importance of breaking the upper boundary of the wedge for confirmation of a bullish reversal. If NOT fails to breach this resistance, it could remain within the wedge or even decline further.
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