![Optimism [OP] faces a roadblock — Is a reversal likely?](https://i.headtopics.com/images/2023/8/22/cryptoamb/optimism-op-faces-a-roadblock-is-a-reversal-likely-optimism-op-faces-a-roadblock-is-a-reversal-likely-5C95DDED59933B342BA19E689BBFBE52.webp)
Optimism made an attempt to recover the ground that was lost last week. However, OP was faced with this roadblock and it could come in the way of the bulls' momentum.
on transactions and costs. The native token, OP, reacted positively to the development and sought to reclaim last week’s losses.However, OP’s recovery was headed to a roadblock that could expose the token to elevated sell pressure and possible price reversal.Last week’s extended bearish pressure pushed OP to crack the $1.379 support. But the drop eased at the weekly bullish order block of $1.17 – $1.34 , allowing the bulls to front a recovery.
At the time of writing, price action appeared ready to clear the immediate resistance level at $1.50. However, bulls will face another hurdle and the weekly bearish OB of $1.55 – $1.77 if they clear the $1.50 obstacle.struggled to stay above $26k. If so, a price reversal could offer a shorting opportunity with an entry at $1.55 and a take-profit target of $1.40.
An H12 candlestick session close above $1.61 will invalidate the short set-up. In such an upswing scenario, the retest of $1.70 could be feasible. The Chaikin Money Flow was above zero, indicating massive capital inflows into OP’s market. But the Relative Strength Index hadn’t decisively crossed above the 50-mark. An RSI rejection at the median level could signal sellers’ re-entry.
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