![Optimism [OP]: Is a 7.1% pump enough for a sustained rally](https://i.headtopics.com/images/2023/10/21/cryptoamb/optimism-op-is-a-7-1-pump-enough-for-a-sustained-r-optimism-op-is-a-7-1-pump-enough-for-a-sustained-r-A1F6AB940910DBCCA653BEE3F184E6FF.webp)
Optimism bounced off the $1.16 support level after registering 7.1% gains over the past day to halt the steep price rejection...
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.bounced off the $1.16-support level after registering 7.1% gains over the last 24 hours. This halted the steep price rejection from the $1.41 resistance level, as buyers looked to reverse recent losses.A look south revealed the bullish strength at the $1.16 support level.
However, bulls will have to contend with two near-term obstacles. If buyers can cross the bearish low hurdle at $1.3, more gains can be achieved by flipping the $1.41 resistance level to support. Meanwhile, the RSI highlighted growing buying pressure by moving above the neutral level with a reading of 56. Also, the OBV displayed steady trading volume which could aid the bullish momentum.highlighted that buyers were in the majority in the short term. The exchange long/short ratio on the one-hour timeframe revealed buyers held a 57% share of the open contracts.
This suggested a heavy bullish bias for additional short-term gains on Optimism. Thus, a price surge above $1.3 could strengthen the bullish conviction and result in a sustained bullish rally.Emmanuel is a full-time journalist at AMBCrypto. With a degree in Information Systems, he is curious about the mix of financial data and storytelling. Emmanuel’s focus is on the diverse application of blockchain technology and its revolutionary potential across several industries.
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