Optimism (OP) Breaks Through $0.585 Resistance, Eyes $0.66

Optimism (OP) has recently made a significant move that has caught the attention of traders. After weeks of sideways price action, OP has broken through a key resistance zone and is now attempting to establish this zone as support. According to top analyst Crypto Chiefss, OP's price has broken out of its supply zone and is currently retesting it. If this level holds, it could signal a larger breakout.

Examining the 2H OP chart, the breakout is evident. OP surged through the $0.565–$0.585 range, which had been a strong resistance area for several days. The breakout was marked by a large green candle that propelled the price to $0.63 before retreating. Since then, there have been a few red candles, but these appear to be a healthy retest rather than a full rejection.

The critical factor now is whether OP's price can remain above the $0.565 zone. If it does, this former resistance could transform into solid support, a pattern that traders often look for during trend reversals. Currently, the market is watching to see if Optimism can maintain its strength or if it will revert to its previous range.

OP's overall structure has shifted to short-term bullish following the recent rally. The series of higher lows and a strong push through resistance indicate that buyers are gaining control. The next resistance level is near the recent high of $0.63. If the bulls can sustain the pressure, a clean break above $0.63 could open the door for a push toward $0.66 or even higher.

However, if OP's price cannot hold the $0.565–$0.585 range, the breakout could turn out to be a false signal. In that scenario, traders might look for support to re-emerge around $0.53–$0.54, an area that previously acted as a base during consolidation.

The breakout showed significant strength, with large green candles indicating real momentum. The subsequent red candles have been smaller and less severe, suggesting this might be a pause rather than a complete reversal. There has been no clear bearish engulfing pattern, so buyers could still be in control as long as the support level holds.

At present, the market seems to be in a wait-and-see mode. A firm move above $0.63 could ignite more bullish momentum, but a drop back below $0.565 might send Optimism's price back into its old range.