Market Update on $OP (Optimism) – Long Liquidation Detected at $0.770
A notable long liquidation of $27.5K has been recorded at the $0.770 level, signaling possible weakness in bullish momentum. This liquidation hints at a shift in sentiment, making the $0.770 zone a critical battleground between bulls and bears.
Technical Analysis:
Current Price Reaction:
The price recently faced a strong rejection near $0.770, triggering liquidations.
This level now acts as an immediate resistance zone.
Key Analysis Zones:
Buy Zone (Accumulation Area):
$0.720 – $0.745
This is a historically strong support range where buyers tend to step in.
Watch for volume spikes and price stability before entering.
Breakout Entry Zone:
Above $0.775 with confirmation.
A sustained move above this level could open doors for a quick rally.
Targets:
1. Target 1: $0.805 – Minor resistance
2. Target 2: $0.840 – Major resistance from past price structure
3. Target 3: $0.890 – Full bullish extension target if volume supports breakout
Stop Loss:
Below $0.715
This level breaks the structure and invalidates the bullish thesis.
It also protects capital in case of further downside.
Strategic Insight:
This liquidation offers a high-risk, high-reward setup for experienced traders. If $OP regains strength above $0.770, it could squeeze short-sellers and trigger a sharp rally. But if it fails to hold the $0.720 support zone, expect a deeper correction.
Stay sharp. Price is hunting weak hands. Only the patient will win this game.
