- Optimism soared over 12%, reaching the $0.81 mark.
- OP’s daily trading volume surged by more than 643%.
The recent recovery attempt of the crypto market cap has marked a spike by over 1.35% to $3.95 trillion, with the assets trading under the condition where there is no clear direction—both gains and losses linger. Among the pack of altcoins, Optimism (OP) has registered a surge of over 12.27% in the last 24 hours.
In the morning hours, the asset traded at its daily low of $0.7231. With the rise of the bulls, the price is sent toward a high of $0.8637. OP has tested and broken the key resistance zones between $0.7236 and $0.8632. As per CMC data, at the time of writing, Optimism traded within the $0.8159 range.
With the asset’s market cap settled at $1.42 billion, the daily trading volume of OP has skyrocketed by over 643%, accordingly reaching the $996 million mark. Furthermore, the market has witnessed a 24-hour liquidation of 2.83 million worth of Optimism during this interval, according to Coinglass.
Is Optimism’s Uptrend Built to Last?
The four-hour trading session reports that the ongoing bullish momentum of Optimism could push the price toward the initial resistance at $0.8165. A golden cross might take place with the continued correction on the upside, triggering the asset to move up above the $0.8171 zone. On the downside, assuming the bears took charge of the asset, the price might slip and test the $0.8153 support. A deeper bearish correction could pull the Optimism price back toward its previous low range at $0.8146 or even lower.
Optimism’s technical analysis exhibits that the Moving Average Convergence Divergence (MACD) line is found above the signal line. This generally indicates the price could be on an upward trend. Moreover, the Chaikin Money Flow (CMF) indicator sits at 0.14, suggesting moderate buying pressure in the market, with the money flowing into the asset. If the value keeps rising, it could likely confirm that there is still room for stronger momentum.
Additionally, the Bull-Bear Power (BBP) reading of 0.109 implies that the bulls currently have the upper hand in the market. Optimism’s daily Relative Strength Index (RSI) is stationed at 70.83, signalling that it is approaching the overbought territory. There may be a chance of reversal or weakening momentum when the value crosses steadily above 70.
