For this trade setup, a recommended stop loss level is at $1.154, positioned slightly below the breakout zone. Stop Loss: To effectively manage risk, setting a protective stop loss is crucial. Furthermore, traders should closely monitor the price action and adjust their targets accordingly. It is important to note that targets should be adjusted based on individual risk appetite and market conditions. This level represents a favorable upside potential from the breakout level. ![]() Target: The target for this trade setup is set at $1.296. This is indicating a shift in market sentiment. All-in-all, this confirmation could come in the form of a strong bullish candlestick close above the resistance level. ![]() Moreover, it is advisable to consider entering once the breakout above the resistance area at $1.23 is confirmed. In addition, for those who have not entered the trade yet. ![]() OP Price Chart (Source: TradingView) Optimism Price Analysis: Trade SetupĪccording to CoinMarketCap, the OP is trading at $1.22 with a 24-hour trading volume of $247,789,490, at the time of writing.Įntry: A long position has already initiated coz of some traders in anticipation of the breakout.
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