Market Overview for Optimism/Tether (OPUSDT)

Summary
• Price drifted lower, forming bearish engulfing patterns around 0.3500.
• Volume expanded significantly during the 22:45 ET decline, confirming bearish momentum.
• RSI approached oversold territory, suggesting potential short-term reversal.
• Bollinger Bands widened, indicating growing volatility in late hours.
• A 61.8% Fibonacci level at 0.3467 appears to act as a key near-term support.

Optimism/Tether (OPUSDT) opened at 0.3492 on 2026-01-17, reached a high of 0.3516, and closed at 0.3467 by 12:00 ET on 2026-01-18. The total volume was 1,712,435.10, and turnover reached $597,257.18 over 24 hours.

Structure & Formations

A bearish engulfing pattern formed near 0.3500 during early ET hours, followed by a long lower shadow doji near 0.3492, hinting at indecision and downward bias. A key support level emerged at 0.3467, coinciding with the 61.8% Fibonacci retracement of the 0.348–0.3516 rally.

Moving Averages and Momentum

On the 5-minute chart, price closed below the 20 and 50 SMAs, reinforcing the bearish tone. The 12:00 ET close at 0.3467 also sat below the daily 50 and 200 SMAs, suggesting continuation of the short-term downtrend. RSI approached the 30 level by the end of the session, signaling potential near-term buying interest.

Volatility and Bollinger Bands

Volatility increased significantly after 22:45 ET, coinciding with the largest single-candle decline to 0.3460. Bollinger Bands expanded during this phase, with price closing near the lower band, suggesting a possible bounce or test of 0.3467.

Volume and Turnover

The highest volume spike occurred at 20:15 ET, as price declined from 0.3497 to 0.3495. A larger spike followed at 22:45 ET with a 0.3470–0.3460 move, confirming bearish sentiment. Turnover also increased during this phase, reinforcing the move lower.

Looking Ahead

Price appears to be testing key Fibonacci and support levels, and a bounce above 0.3480 could signal a short-term reversal. However, risks remain to the downside if 0.3467 fails to hold. Investors should monitor volume for confirmation of any reversal signals in the coming hours.