Optimism moves toward a key hurdle — Will OP sellers benefit? 

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion

• OP’s pullback steadied at round $1.18. 
• Sellers had the higher hand regardless of the optimistic funding charges. 

Optimism [OP] struggled to cross above $1.45 since September. It plunged even additional in October as sellers exploited the bearish stress however steadied close to $1.18 at press time. 

Learn Optimism [OP] Worth Prediction 2023-24

In the meantime, Bitcoin [BTC] fronted a shock upswing from Sunday (16 October) and recovered many of the latest losses. OP took a cue from BTC and registered a bounce however confronted an overhead roadblock above $1.25. 

Will sellers exploit the overhead hurdle?

Supply: DOT/USDT on TradingView

At press time, OP’s larger timeframe market construction bias was bearish. Worth motion was under the latest decrease excessive of $1.21. Apparently, the decrease excessive coincided with an H12 bearish order block OB of $1.26 – $1.285 (white). 

The opposite two crucial hurdles above the rapid resistance are $1.349 and a each day breaker block of $1.40 – $1.46 (pink). 

The bearish market construction bias may make sellers exploit the rapid hurdle of $1.26 – $1.285 (white). If that’s the case, OP sellers may benefit from a 5% shorting acquire if the worth retests $1.18.  

A transfer past the overhead impediment can be an invalidation of the above bullish bias. 

In the meantime, there was delicate shopping for stress, as indicated by the uptick within the Relative Power Index (RSI) at press time. However capital inflows into the Layer-2 native token declined in October, as proven by the southward motion of the Chaikin Cash Movement (CMF). 

Optimism sellers maintained market management

Supply: Coinalyze

How a lot are 1,10,100 OPs price in the present day? 

Since 8 October, demand for OP within the Futures market has declined and underscored a destructive sentiment, as demonstrated by dropping Open Curiosity (OI) charges. 

The weakening Futures market demand tipped sellers to achieve extra market leverage over the identical interval, as illustrated by the downsloping Cumulative Quantity Delta (CVD).  

Nevertheless, the Funding Charges had been optimistic previously few hours, denoting market sentiment improved at press time. The bearish bias can be invalidated if value motion surges above $1.288 and flips the upper timeframe’s market construction to bullish.