Optimism Drops 29% in 10 Days, Bearish Trend Confirmed
Key Takeaways
The price of Optimism (OP) has dropped by approximately 29% over the past ten days, effectively erasing all gains made in April. Technical analysis continues to paint a bearish picture. While a short-term recovery is possible, it depends on certain conditions. The support level at USD 0.59 is particularly important.
Chart Analysis: Bearish Trend Continues
The daily chart of OP shows a clear downward structure. After peaking at USD 0.92 in mid-March, the price failed to form a higher high. Instead, it created another lower high at USD 0.842, which was again rejected. The result: a 29% price drop within ten days.
The On-Balance Volume (OBV) – an indicator of trading volume – has fallen back to early April levels. At the same time, the Awesome Oscillator is below the zero line, indicating negative market sentiment. These indicators confirm the prevailing downtrend.
Key Support and Resistance Zones
The next relevant support is at USD 0.59. A break below this level could pave the way toward USD 0.51. For traders, this offers a possible opportunity to enter short positions if the price is rejected again after testing the USD 0.59 level.
The area between USD 0.60 and 0.63 contains a high-liquidity zone. This stems from high-leverage short positions that could be liquidated in this price range. This suggests a potential short-term recovery before the downward trend resumes.
Bitcoin as a Potential Influencing Factor
A key external factor is the price development of Bitcoin (BTC). If BTC remains bullish in the coming days, it could provide short-term support for OP as well. Traders should therefore keep an eye on the overall market trend.
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Strategy for Short-Term Traders
- Closely monitor the USD 0.59 level. A break could trigger further downward pressure.
- A pullback to the USD 0.60–0.63 range may present an opportunity to enter short positions.
- Set stop-loss levels consistently, as short-term counter-moves are possible.
Our Assessment
Optimism is currently showing clear weakness. The technical outlook suggests further losses unless external support—such as a rising Bitcoin—emerges. Short-term traders may find opportunities on the short side, particularly if the resistance zone around USD 0.60–0.63 is retested. Long-term investors should wait for a stable bottom formation before considering entry.
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