Optimism Price Analysis: OP Holds Above Weekly Open Amid Strong Bounce
The post Optimism Price Analysis: OP Holds Above Weekly Open Amid Strong Bounce appeared on BitcoinEthereumNews.com.
Optimism is displaying renewed bullish momentum as price holds above the weekly open following a strong rebound from early November lows. Market structure has shifted in favor of buyers, with technical charts suggesting a potential push toward the internal range point of control (POC). Traders are closely monitoring whether the coin can sustain this position to confirm continuation toward mid-range resistance levels. Optimism Price Analysis Highlights Structural Shift and Strong Bounce In a recent post on X, analyst Carl Moon highlighted the resilience of the asset’s latest price recovery. He noted that the coin is “looking good here,” emphasizing the strong bounce and sustained hold above the weekly open. According to Moon, the first resistance to monitor lies near the internal range POC, which has historically acted as a key mid-range liquidity zone. Source: X The chart shared by Moon shows that the recent low established near $0.33–$0.34 marked a decisive turning point, followed by a notable shift in market structure. This transition from a downtrend to higher highs indicates that buyers have regained technical control. However, Moon also underscored the importance of the weekly open holding as a short-term support level, warning that any loss below could invalidate the near-term bullish case. Optimism Price Analysis Reflects Measured Market Outlook Despite Volatility Data from BraveNewCoin shows that the coin is currently priced at $0.43, reflecting a 1.93% decline over the past 24 hours. The network maintains a market capitalization of approximately $811.9 million, with a daily trading volume of $141.3 million and an available circulating supply of 1.89 billion tokens. Source: BraveNewCoin The token ranks #126 by market capitalization, situating it in the mid-cap category among Ethereum Layer 2 ecosystem projects. Despite recent volatility, the asset remains supported by fundamental adoption factors, including the network’s ongoing expansion into scaling infrastructure…
