Optimism/Tether (OPUSDT) Market Overview

Summary
• OPUSDT opened at $0.4170 and closed at $0.4281, rising 2.66% over 24 hours.
• Price surged above $0.4250, reaching a high of $0.4297, indicating renewed bullish momentum.
• Volume spiked during the 14:30–16:45 ET window, confirming strength in the upward move.
• RSI moved into overbought territory above 70, suggesting short-term profit-taking may follow.
• Bollinger Bands widened, signaling increasing volatility after a period of consolidation.

Optimism/Tether (OPUSDT) opened at $0.4170 on November 8 at 12:00 ET and closed at $0.4281 at 12:00 ET on November 9. The pair reached a high of $0.4297 and a low of $0.4042, with a 24-hour volume of 13,736,768.5 and total turnover of approximately $5,714,034. The price action suggests a bullish breakout after a volatile consolidation phase.

The 24-hour candlestick pattern features a strong reversal from a support level near $0.4170. A bearish breakdown was attempted overnight but rejected as buyers stepped in below $0.4170, forming a bullish engulfing pattern. This pattern appears to have confirmed a reversal in sentiment, leading to a sharp rebound. The price has since moved above key resistance at $0.4200 and $0.4250. Traders should watch the $0.4250 level as a potential consolidation point.

Structure & Formations

On the 15-minute chart, the price formed a bullish engulfing pattern following a bearish rejection near $0.4170. The pattern was confirmed with a strong reversal to the upside. Key support levels now include $0.4170 and $0.4145, while key resistance levels are at $0.4250, $0.4275, and $0.4300. A potential test of the upper Bollinger Band at $0.4300 is possible if the momentum holds.

Moving Averages

The 20-period and 50-period moving averages are currently bullish, with the 20-period MA crossing above the 50-period MA in a golden cross formation. The longer-term 50/100/200-period MAs are aligned to the upside, supporting the continuation of the bullish trend. The price is trading comfortably above all key MAs, indicating a strong uptrend.

MACD & RSI

The MACD line has crossed above the signal line, reinforcing the bullish bias. However, the RSI is currently in overbought territory (75–80), indicating that the asset may experience profit-taking or a short-term pullback. Momentum remains strong, but traders should be cautious about entering long positions at current levels without confirmation.

Bollinger Bands

Bollinger Bands have widened significantly, reflecting an increase in volatility after a period of consolidation. The price is currently near the upper band, suggesting a potential overextension. A pullback to the mid-band or lower band could offer entry points for further long positions.

Volume & Turnover

Volume increased significantly during the 14:30–16:45 ET window, coinciding with the price surge above $0.4250. The increase in volume confirms the strength of the bullish move. However, the divergence between price and volume during the 2:45–5:45 ET period suggests caution. A continuation of the upward move will require sustained volume support.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent swing from $0.4145 to $0.4297, the 38.2% level is at $0.4223 and the 61.8% level is at $0.4285. The current price is approaching the 61.8% level, suggesting a potential consolidation or pullback may follow. A break above $0.4297 would target the $0.4320 level.

Backtest Hypothesis

We attempted to retrieve historical Bullish Engulfing signals for “OPUSDT” from 2022-01-01 to today to run a 3-day holding-period backtest. However, the data service returned an error indicating the asset or ticker symbol was not in its database. Likely reasons include: 1. OPUSDT may not be in the data universe the service covers; 2. The pair may be formatted differently in the provider’s database. To move forward, please let me know which of the following you prefer:
A. Confirm the exact ticker / exchange (e.g., OP-PERP on Binance Futures, OP-USDT on Coinbase, etc.) for an automated retry.
B. Provide the dates on which Bullish Engulfing patterns occurred in your data source, enabling a manual-event backtest.
C. Choose a different asset or pattern that is supported (e.g., BTCUSDT) for the same 3-day strategy.

Once I have either a supported ticker or the event-date list, I can run the backtest and show you the performance results with full visualization.