Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- OP rebounded from the important help stage with a 7.1% pump
- Consumers seemed to maximise the hike within the short-term with a major share of the lengthy/brief ratio
Optimism [OP] bounced off the $1.16-support stage after registering 7.1% positive factors during the last 24 hours. This halted the steep value rejection from the $1.41 resistance stage, as patrons seemed to reverse latest losses.
Learn Optimism’s [OP] Worth Prediction 2023-24
With Bitcoin [BTC] buying and selling above $29.5k, OP patrons can take benefit to register extra positive factors within the brief time period.
Bulls retained important shopping for strain at important help stage
Supply: OP/USDT on Buying and selling View
A glance south revealed the bullish energy on the $1.16 help stage. Earlier in July, bulls had rallied strongly from the help stage to a Q3 excessive of $1.8. Thus, the value rebound off this stage may see one other sturdy bullish rally.
Nevertheless, bulls should deal with two near-term obstacles. If patrons can cross the bearish low hurdle at $1.3, extra positive factors may be achieved by flipping the $1.41 resistance stage to help.
In the meantime, the RSI (Relative Power Index) highlighted rising shopping for strain by shifting above the impartial stage with a studying of 56. Additionally, the OBV (On Stability Quantity) displayed regular buying and selling quantity which may assist the bullish momentum.
Consumers dominated the change lengthy/brief ratio
Supply: Coinglass
Knowledge from Coinglass highlighted that patrons had been within the majority within the brief time period. The change lengthy/brief ratio on the one-hour timeframe revealed patrons held a 57% share of the open contracts.
How a lot are 1,10,100 OPs price right now?
This prompt a heavy bullish bias for extra short-term positive factors on Optimism. Thus, a value surge above $1.3 may strengthen the bullish conviction and lead to a sustained bullish rally.