Market Overview for Optimism/Tether (OPUSDT)

Summary
• OPUSDT formed a bullish engulfing pattern after a sharp selloff, with key support at 0.3110–0.3120.
• Volatility expanded midday as price broke out of a tight Bollinger Band contraction.
• RSI moved from oversold to neutral territory, suggesting potential for a short-term rebound.
• High-volume buying in the last 4 hours suggests accumulation at lower levels.
• 20-period MA crossed above 50-period MA in the afternoon, indicating short-term bullish momentum.

Optimism/Tether (OPUSDT) opened at 0.3142 on 2026-01-08 12:00 ET, reached a high of 0.3243, a low of 0.3086, and closed at 0.3218 as of 12:00 ET on 2026-01-09. The pair saw a total volume of 9,945,208.58 OPT and a notional turnover of $3,197,030.88 over the 24-hour period.

Structure & Formations

The price action revealed a strong selloff from 0.3243 to 0.3086 in the early hours of 2026-01-09, followed by a significant reversal into the afternoon. A bullish engulfing pattern emerged around 15:30–16:00 ET as the asset rebounded from 0.3110 to 0.3203. This breakout suggests that short-term bearish momentum may be easing. A key support level appears to have formed between 0.3110 and 0.3120, with a resistance zone developing near 0.3200–0.3210.

Moving Averages and Momentum

On the 5-minute chart, the 20-period MA crossed above the 50-period MA in the afternoon, signaling short-term bullish momentum. On the daily chart, the 50-period MA remains above the 100 and 200-period MAs, indicating a continuation of the broader bearish trend but with signs of consolidation. The MACD turned positive in the afternoon, aligning with the price rebound. RSI, which had been in oversold territory during the early selloff, has moved into the 40–50 range, indicating balanced buying and selling pressure.

Volatility and Bollinger Bands

Price initially traded within a narrow range between 0.3110 and 0.3160 in the early morning, with low volatility reflected in a tight Bollinger Band squeeze. By 15:30 ET, volatility expanded significantly, and prices broke out of the band to the upside. The move suggests a potential shift in market sentiment, with traders showing renewed interest in OPUSDT.

Volume and Turnover

Volume spiked during the early selloff, peaking at over 2 million OPT, but saw a notable increase again in the afternoon, particularly after 15:30 ET. The last four hours of the period featured high-volume buying, with over 1.9 million OPT traded at 15:45 ET and 0.3243. Notional turnover also surged in the late afternoon, confirming the strength of the rebound. No significant divergence between price and turnover was observed during the recovery phase.

Visuals

Fibonacci Retracements

Applying Fibonacci levels to the recent swing from 0.3243 to 0.3086, price has retraced to the 61.8% level around 0.3190. The 78.6% retracement is near 0.3225, which could serve as a potential near-term target if the current trend continues.

Looking ahead, OPUSDT appears to be in a short-term consolidation phase with strong volume supporting a potential rebound above 0.3210. However, risks remain if the 0.3110–0.3120 support zone fails again, which could reignite bearish pressure in the near term. Investors should remain cautious and monitor volume for signs of sustainability.