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Optimism bounces off range low – can bulls push on?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Optimism bounced off a range low to present a buying opportunity for bulls.
Buyers encouraged by slight margin in futures market.

Optimism [OP] extended its ranging price movement, with prices rebounding from the range-low of $1.41. This kept Optimism firmly between the upper range of $1.80 and the lower range of $1.41, as bulls and bears continued to fight to gain the upper hand.

How much are 1,10,100 OPs worth today?

With the market still reeling in uncertainty amidst Bitcoin’s [BTC] large price swings, the native token of the Layer-2 scaling solution might see a continuation of its compact price range.

Neither buyers nor sellers willing to give up their positions

Source: OP/USDT on Trading View

A look southward highlighted the tendency of OP to always fall into ranging price movements. Previously, price oscillated between $1.41 and $1.80 from 8 May to 7 June before bottoming out at the $1 price zone.

The bullish rebound from $1 saw the price stuck again between the $1.16 to $1.41 range from 20 June to 14 July. After bulls flipped the $1.41 level to support, another ranging price movement ensued between $1.41 and $1.8.

Currently, momentum seems to lie with bulls as they make another attempt at pushing past the $1.8 resistance. Based on historical data, bulls are likely to be successful on the second attempt, with take profit levels at $2.1 to $2.3.

On the flip side, another failure at the $1.8 resistance level will extend the range-bound movement, with bears looking to reclaim the $1.41 level.

In the meantime, the chart indicators alluded to

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Author: Suzuki Shillsalot

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