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Optimism [OP]: Is a 7.1% pump enough for a sustained rally

2min Read

OP buyers could register additional gains, if they cross this vital price hurdle.

Optimism [OP]: Is a 7.1% pump enough for a sustained rally

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • OP rebounded from the critical support level with a 7.1% pump
  • Buyers looked to maximize the hike in the short-term with a significant share of the long/short ratio

Optimism [OP] bounced off the $1.16-support level after registering 7.1% gains over the last 24 hours. This halted the steep price rejection from the $1.41 resistance level, as buyers looked to reverse recent losses.

Read Optimism’s [OP] Price Prediction 2023-24

With Bitcoin [BTC] trading above $29.5k, OP buyers can take advantage to register more gains in the short term.

Bulls retained vital buying pressure at critical support level

Optimism OP price chart

Source: OP/USDT on Trading View

A look south revealed the bullish strength at the $1.16 support level. Earlier in July, bulls had rallied strongly from the support level to a Q3 high of $1.8. Thus, the price rebound off this level could see another strong bullish rally.

However, bulls will have to contend with two near-term obstacles. If buyers can cross the bearish low hurdle at $1.3, more gains can be achieved by flipping the $1.41 resistance level to support.

Meanwhile, the RSI (Relative Strength Index) highlighted growing buying pressure by moving above the neutral level with a reading of 56. Also, the OBV (On Balance Volume) displayed steady trading volume which could aid the bullish momentum.

Buyers dominated the exchange long/short ratio

Source: Coinglass

Data from Coinglass highlighted that buyers were in the majority in the short term. The exchange long/short ratio on the one-hour timeframe revealed buyers held a 57% share of the open contracts.

How much are 1,10,100 OPs worth today?

This suggested a heavy bullish bias for additional short-term gains on Optimism. Thus, a price surge above $1.3 could strengthen the bullish conviction and result in a sustained bullish rally.


Emmanuel is a full-time journalist at AMBCrypto. With a degree in Information Systems, he is curious about the mix of financial data and storytelling. Emmanuel’s focus is on the diverse application of blockchain technology and its revolutionary potential across several industries. His other interests include music, sports, and exploring new countries/cultures.
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