As Bitcoin takes the helm in steering the crypto market towards a recovery path, several altcoins have begun to shine with remarkable growth. Optimism (OP), Oasis Network (ROSE), and Arbitrum (ARB) are among the standout tokens that have exhibited substantial surges in the last 24 hours, prompting investors’ attention amid an overall positive market sentiment.

The week leading to 2024 has witnessed a bullish momentum in the cryptocurrency space, underpinned by heightened expectations surrounding the potential approval of a Bitcoin spot ETF. Notably, both Bitcoin and Ethereum, the leading cryptocurrencies, have showcased an impressive 8-10% gain throughout the week, cementing positive investor confidence.

The global crypto market cap currently stands at $1.66 trillion, signaling a 1.01% increase from the previous day. Moreover, the total volume of cryptocurrency transactions within the last 24 hours has surged to $75.86 billion, representing a substantial uptick of 6.91%.

In this upward trajectory, Optimism (OP), Oasis Network (ROSE), and Arbitrum (ARB) have emerged as the top-performing tokens, experiencing notable spikes in their value over the past day.

Optimism (OP) Price Analysis: Sustained Recovery and Promising Network Activity

Optimism (OP), a leading Layer 2 (L2) network, has been on a commendable recovery trajectory since mid-October, witnessing a staggering 151% surge from its $1.5 valuation to the current trading price of $2.89. This bullish rally, backed by increasing trading volume, has demonstrated the dominance of buyers in the market.

The remarkable growth in the number of addresses engaging with the Optimism network, now surpassing 5.9 million addresses with a balance—a 391% surge from January’s 1.2 million—indicates a substantial uptick in user engagement and adoption levels. This steady rise in network activity signifies a bullish sentiment towards OP’s future performance.

With a recent 16% intraday gain, OP has broken a crucial resistance level, potentially paving the way for another 16% surge, aiming for a 10-month high at $3.29. Additionally, the 20-and-50-day Exponential Moving Averages (EMA) stand ready to provide robust support in case of corrective price movements.

Oasis Network (ROSE) Price Analysis: Breakout Signals Potential Upward Momentum

The Oasis Network (ROSE) token has showcased a robust recovery since late October, marking an impressive 198.9% surge from $0.0396 to $0.118. Notably, on December 14th, ROSE breached the $0.085 neckline resistance of the Double Bottom Pattern, indicating a significant trend reversal.

Currently trading with a 7% intraday gain, ROSE has broken through another critical resistance level, supported by strong trading volume and market recovery sentiments. Sustained stability above the $0.085 mark could potentially drive ROSE towards a 16.85% increase, aiming for the predetermined target of $0.1376 as per the double bottom pattern.

The Relative Strength Index (RSI) at 75% accentuates the favorable bullish momentum, further bolstering expectations for a continued price rally.

Arbitrum (ARB) Price Analysis: Bullish Reversal Pattern Points to Potential Rally

For the past seven months, Arbitrum (ARB) has predominantly traded sideways below $1.35. However, a closer look at the daily timeframe chart revealed a bullish reversal pattern— an inverted head and shoulders pattern—forming amidst this consolidation phase.

As of now, ARB trades at $1.13, showcasing a 13.4% intraday gain and a decisive breakout from the neckline resistance of the aforementioned pattern. A confirmed candle closing above this barrier could provide substantial support for buyers, potentially propelling ARB towards a 38% recovery, targeting the April 2023 high of $1.82.

The market’s attention is keenly focused on these altcoins amidst Bitcoin’s resurgence and the overall bullish sentiment within the cryptocurrency space.