Altcoin Optimism [OP] experienced a significant increase in the 4-hour market structure. The price exceeded 1.2 dollars. It has witnessed intense buying pressure. However, sellers are likely to trigger a pullback towards $1.2 potentially. With the bullish outlook for Bitcoin [BTC], altcoin markets including Optimism could be positively impacted. Let’s take a look at the recent market developments and the potential for a deeper pullback in Optimism’s price.
Impressive wins and bullish emphasis
Within 48 hours from Monday, June 19, altcoin Optimism [OP] has gained nearly 40%, driven by enthusiastic buyers. The strong demand for the OP indicates that the upward trend continues.
What does the H4 market structure image tell us for Altcoin Optimism? It is definitely bullish as evidenced by the breakout of the $1.2 level on June 20. This breakthrough signaled the intentions of the bulls. It also led to a short-term uptrend. OBV (On-Balance Volume) and transaction volume also increased, confirming the high demand.
Key resistance levels and selling pressure
Important resistance levels to watch for altcoin Optimism are $1.48, $1.55 and $1.67. The $1.48 level rejected the price once. Then there was an unsuccessful attempt at $1.45. As a result, prices have returned to the $1.34 support level at the time of writing.
The RSI (Relative Strength Index) has approached the neutral 50 level. However, the OBV for Altcoin Optimism did not show a significant drop. Accordingly, this indicates that the selling pressure has not yet dominated the market. While the H4 chart continues its uptrend, the recent price action on the 1-hour chart has shown a gradual decline, accompanied by the selling pressure highlighted by the declining Open Interest and spot CVD (Cumulative Volume Delta).
Buying opportunity in support for altcoin
Should a bearish move continue, retesting the $1.2 support zone could offer a viable buying opportunity for Altcoin Optimism. A deeper pullback is not ruled out. However, current market conditions suggest that a downtrend may not occur unless selling pressure intensifies.
Altcoin Optimism has witnessed a strong bullish rally with significant gains above $1.2 driven by enthusiastic buyers. However, cryptocoin.com The recent rejection at $1.48 raises concerns about a potential pullback. Investors should closely monitor support and resistance levels as well as the presence of selling pressure in order to make informed investment decisions.
