Optimism Price Tests Key Resistance as Upbit Adds New Trading Pairs

Optimism (OP) is showing early signs of a potential breakout after recently surmounting the 50-day moving average and approaching key resistance levels. Traders are closely monitoring price action within a descending channel that has defined OP’s movement for nearly nine months. As of press time, the token was trading at $0.71, marking a 3% rise in the last 24 hours and a 5% increase over the past week [1].

The price is currently testing the upper boundary of the channel, with volume showing a gradual increase. Analyst Jonathan Carter notes that a daily close above the $0.80 to $0.82 resistance range could confirm a breakout and signal further upward momentum [1]. If this happens, price targets of $0.93, $1.20, $1.60, and even $2.10 are in play. These levels are supported by historical trading activity and correspond to areas of higher volume on the chart [1].

On the downside, support remains critical around $0.50 to $0.55. This level has historically acted as a floor during previous corrections and is expected to play a similar role in the event of a failed breakout attempt [1].

Technical indicators also point to strengthening momentum. The 50-day moving average, currently near $0.628, was recently breached to the upside, potentially shifting from resistance to support if the trend continues. The Relative Strength Index (RSI) is approaching 60, indicating growing bullish pressure without signaling an overbought market [1].

Futures data further underscores growing trader interest. Open Interest (OI) in OP futures has increased by 6% in the past day, reaching $234 million according to Coinglass data. Since April, OI has more than doubled, suggesting a steady build in positioning [1]. However, daily futures volume has dropped by 21% to $583 million, highlighting a contrast between rising OI and lower trading activity. This dynamic could indicate traders are preparing for a larger move rather than actively trading in the short term.

The recent 8% intraday price jump was partly driven by the announcement from South Korea’s Upbit exchange of new trading pairs for OP on July 28. The exchange has historically influenced price activity for tokens, and this development has drawn additional attention to OP’s price trajectory [1].

Source: [1] Optimism Breakout Looms: Is $2+ the Next Stop After Upbit Boost? (https://coinmarketcap.com/community/articles/688b80350e7f1f47655e299f/)