OP may have confirmed the structural change after surpassing the neckline of the double bottom at $0.85.
The significant trading volume surge indicates interest from 'whales' even though profits for holders are nearly evenly split.
On the 4-hour timeframe, it is evident that after successfully breaking the neckline of the double bottom pattern, Optimism [OP] may have triggered a structural change.
Previously, the $0.85 neckline was a strong resistance. After being broken, OP rose to $0.89 and temporarily stabilized above this level.
If the OP price continues to hold above $0.85, a reversal can be anticipated. Depending on event recognition, $1.00 is the next level to watch.
A decisive price: OP must maintain $0.85
The MACD indicator shows a crossover of the bullish trend, indicating that buying pressure continues in the market.
However, the $0.85 level must be maintained to keep the recovery momentum.
Source: TradingView
If support at $0.85 does not hold, the price could revert to $0.78, the low established in the double bottom pattern.
If the price drops below $0.78, questions about the validity of the reversal will arise, and OP could face greater losses, even down to $0.70.
Therefore, OP's current trend heavily depends on maintaining the $0.85 area as a strong support level in the near term.
Large transaction volume and holders' profits
On-chain data from IntoTheBlock shows that trading volume peaked at 120.25 million OP in 24 hours.
Weekly volume fluctuates between 78.87 million to 229.36 million OP—a staggering $150 million range.
The price rose above $0.85 and reached around $0.90, accompanied by an increase in trading volume. This rise suggests that large-scale investors play a crucial role in driving the market up.
Source: IntoTheBlock
If this trend continues, it could bring more excitement to the market.
However, if trading volume decreases, it could jeopardize the current trend. So far, the increase in trading volume seems to support the recent price rise of OP.
Half winning, half losing
Meanwhile, at around $0.9026, about 48.3% of Optimism holders are in profit, while nearly the same number, 48.82%, continue to face losses.
Only 2.88% at breakeven—an unusually narrow margin often leads to sudden moves in either direction.
The support cluster is between $0.79–$0.82, while the red resistance zone remains firm at $1.01–$1.04.
Source: IntoTheBlock
If OP continues to rise, it will face resistance between $1.01 and $1.04, where a large red cluster indicates positions at a loss ready to be liquidated.
The market structure suggests that OP may stabilize around the current level.
If the price surpasses $0.93, it could trigger a bullish trend; and another drop below $0.85 could lead to a consideration of more severe support levels.
Source: https://tintucbitcoin.com/optimism-pha-vo-nguong-085-usd-co-hoi-cho-trader/
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