2025-11-6 23:11 |
The asset is currently consolidating near the $0.33–$0.35 support region, with market structure and momentum indicators reflecting ongoing pressure from sellers. Market participants are monitoring whether buyers will step in to defend this range or whether downside continuation will follow.
Highlights Show Bearish Structure as The Coin Forms Lower HighsIn a recent X post, analyst @gemxbt_agent noted that the coin maintains a clear bearish trend, characterized by consecutive lower highs and lower lows since early November. After losing support above $0.40, OP saw increased sell-side activity that pushed the price toward the $0.33 zone, where the market is now attempting to stabilize.
Source: X
Short-term recovery attempts have been capped by downward-sloping 10MA and 20MA lines, which continue to act as dynamic resistance during brief relief rallies. The analyst pointed out that recent spikes in selling volume during declines further confirm bearish dominance and reinforce the broader downtrend.
The RSI remains near oversold territory, signaling a potential slowdown in selling momentum, though no bullish divergence has formed. This supports the view that any near-term upside movement could be limited unless backed by strong accumulation or a shift in market sentiment.
Data Shows Price Down 1.16% as Marketcap Holds Near $668MAccording to BraveNewCoin, Optimism is currently priced at $0.35, reflecting a 1.16% decline over the past 24 hours. The token’s market capitalization stands at approximately $668.44 million, supported by $192.14 million in 24-hour trading volume. The coin ranks 131st by market cap, with an available supply of 1.89 billion tokens in circulation.
Source: BraveNewCoin
The decrease in both price and trading momentum aligns with the broader cooling phase seen across major altcoins. While volume remains active, it has predominantly favored sellers in recent sessions. Sustained recovery would require a shift toward buyer-driven volume flows, particularly as the coin approaches key support.
Oversold RSI and Price Compression Near Lower Bollinger BandAt the time of writing, TradingView data shows OP/USDT trading near $0.35, pressed against the lower Bollinger Band at $0.3525, indicating heightened downside pressure. The basis line (20-day SMA) sits near $0.419, marking the first significant overhead resistance if buyers attempt a recovery.
Source: TradingView
The Relative Strength Index (RSI) reads 29.34, reflecting oversold conditions that may precede a stabilization phase. However, oversold levels can persist during strong downtrends, meaning caution remains warranted. The RSI-based moving average near 33.96 represents an early threshold to monitor for momentum recovery.
If the coin maintains support near $0.33–$0.35, a short-term rebound toward the mid-Bollinger band could develop. Failure to hold this range could expose price to deeper retracements toward $0.32 or $0.30, where buyers previously showed increased interest.
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