news 
Optimism surges 13% on Upbit news: OP’s next move depends on…
In a remarkable display of market resilience, Optimism (OP) has surged by an astonishing 13% in the past 24 hours, with traders and investors alike reacting enthusiastically to the latest development. The catalyst for this rally is undoubtedly the listing announcement on South Korea’s largest crypto exchange, Upbit.
The sudden influx of interest has pushed OP’s price up to a two-month high, as the asset is now trading near $0.828 at press time. Furthermore, the surging trading volume has skyrocketed by an astonishing 460%, a stark contrast to the market’s usual apathy towards cryptocurrency trading.
Now that the dust has settled, we must turn our attention to what this means for OP’s next move. The answer lies in one crucial level: $0.85.
Historically, this barrier has acted as a formidable resistance zone, consistently rejecting and sending OP reeling downward each time it approaches. If, however, this trend is broken, bulls could potentially see a massive 40% gain towards the psychologically important mark of $1.20.
But let’s not forget that OP remains technically in a broader downtrend, with the 200-day EMA serving as an ongoing obstacle to progress. A confirmed breakout would necessitate a close above this key level.
The narrative taking shape here is clear: traders are buying into the Upbit listing news, and their confidence has been bolstered by the Chaikin Money Flow (CMF) reading +0.10. This indicator suggests that capital continues to flow into OP, supporting its price strength.
Meanwhile, a crucial metric – the Open Interest (OI) on Binance – reveals an astonishing 38% surge in the past day. A staggering 67.34% of traders are now holding long positions, underscoring the dominant bullish sentiment prevailing in the market.
The stage is now set for OP to either break free from its downward trajectory or succumb once more to selling pressure at $0.85.
Source: ambcrypto.com
