Optimism’s current price action has captivated market observers as bullish momentum pushes the value toward the critical $1.8 mark. This upward drive could represent a significant turning point, challenging the persistent downtrend that has restrained bullish efforts for weeks. As buyers regain influence, questions arise: Is the dominant bearish trend nearing its end, or will resistance at $1.8 prove insurmountable?
In the last 24 hours, Optimism (OP) has experienced a 5.32% increase, reaching approximately $1.44. The cryptocurrency’s market capitalization has surpassed $1.7 billion, with trading volume exceeding $135 million. During this period, the market cap has grown by 5.40%, while trading volume has surged by 11.78%.
Optimism’s price is currently bullish, trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart. Should the bulls maintain their strength above this crucial indicator, it could drive the cryptocurrency toward further gains, targeting the $1.8 resistance level. Additionally, the Relative Strength Index (RSI) suggests continued momentum toward the $1.8 mark, with the signal line rising above 50% and trending around 69%, indicating robust market pressure.
On the daily chart, OP’s price shows stability after successfully rejecting the $1.4 level. This steadiness hints that bullish momentum could persist, potentially propelling the price further upward toward the $1.8 resistance level and beyond the 100-day SMA. If the bulls sustain their influence, it could set the stage for additional gains and solidify the upward trend.
Finally, the 1-day RSI indicates that bullish momentum is building, with the signal line currently at around 50.81% after surpassing the 50% mark. This suggests potential for further upward movement for the asset.
If the current bullish pressure continues and drives OP’s price above the $1.8 level, it could mark the beginning of a robust rally. This breakout might propel the asset toward the next resistance at $3 and potentially higher. However, if Optimism fails to overcome the $1.8 level and rebounds, it may retrace to its previous low of $1. A break below this threshold could signal further downside momentum, potentially dragging the cryptocurrency toward the $0.4 range and other lower levels.
