Cryptocurrencies to watch this week: Optimism, Bitcoin, Sui


Bitcoin, the biggest cryptocurrency, will be in the spotlight this week as technicals point to an eventual breakout or breakdown soon. The daily chart above shows that it has continued to form a symmetrical triangle pattern in the past few weeks. The two lines of this triangle pattern are now nearing their confluence level. That is a sign that they will soon make big moves, potentially this week since it is the last one of the month. The key support and resistance levels to watch are $88,960 and $109,100. A break below the support level at $88,960, its lowest level in January, will indicate more downside, potentially to $73,350, the highest point in March last year. On the other hand, a strong move above $109,080 will indicate further gains to $110,000, followed by $122,000.

Optimism, one of the largest layer-2 projects in the crypto industry, will be in focus this week as it conducts a big token unlock. It will release tokens worth over $38 million on Wednesday. These tokens will be equivalent to 2% of the float, or the number of tokens that are actively traded in the market. It’s a notable but not overwhelming increase in circulation. They will be on top of the daily token unlocks of 257,000 OP tokens worth over $303,000. These token unlocks come at a time when the OP price is sitting at a key level. It was trading at $1.077 on Sunday, the lowest swing in August last year. Optimism has also formed a bearish flag pattern, pointing to more downside in the coming weeks. This crash will push it to the next key point at $0.791, its lowest level on Feb. 3. The Optimism token was created by the Optimism Foundation, a non-profit founded by Jinglan Wang, Karl Floersch, and Ben Jones. Launched in May 2022, the OP coinpowers governance and incentives within the Optimism Collective, a system designed to fund public goods and decentralization initiatives.