Optimism coin continues to face mounting downside pressure after a steep 10.17% decline in the past 24 hours, with the token now hovering near $0.38.
The market structure remains fragile as sellers maintain control, despite localized rebounds. Analysts on X highlight conflicting signals; one side sees accumulation near historical lows, while others argue the structure points to deeper downside risk if resistance zones remain intact.
Analyst Flags Sustained Downtrend and Weak Momentum
In a recent X post, market analyst CryptoCondom issued a strongly bearish outlook on Optimism, describing the token’s current setup as a “worthless shitter rerate,” signaling expectations of continued depreciation. The shared chart revealed a clear downtrend pattern characterized by lower highs and lower lows, confirming persistent selling momentum. The “1-2-3” points annotated on the chart likely depict a potential triple-bottom structure, but the analyst remains skeptical that this setup will evolve into a meaningful reversal.
Source: X
The post also highlighted multiple overlapping resistance confluences, including fair value gaps (FVGs), moving averages, and VWAP levels positioned above the current trading range. These layers of resistance are expected to cap any short-term rallies. CryptoCondom emphasized that unless the asset can reclaim critical levels above $0.42, the broader outlook remains bearish.
For holders, the 0.35–0.37 region marks a critical area to watch either as a breakdown continuation zone or potential liquidity sweep before recovery. The overall sentiment from this analysis remains cautious, reflecting a market still under technical strain.
Market Data Confirms Weak Market Structure
According to BraveNewCoin, Optimism is trading at $0.38, marking a 10.17% decline over the past 24 hours. The token holds a market capitalization of $721.63 million and a 24-hour trading volume of $128.3 million, placing it at rank 129 globally. The asset’s available supply stands at 1.89 billion tokens, with daily trading data showing heightened volatility following its recent selloff.
Source: BraveNewCoin
On the hourly chart, the coin’s trading range fluctuates between $0.35 and $0.42, forming a lower-bound structure indicative of sustained bearish dominance. Despite brief attempts to reclaim mid-range liquidity, each rally has been met with immediate selling pressure, reinforcing market skepticism.
Liquidity Sweep and Short-Term Recovery
In contrast to broader bearish sentiment, analyst Lil Ben shared a more constructive short-term view on the token, noting a clear liquidity sweep below prior lows followed by an aggressive rebound. The chart highlighted a point of interest (POI) between $0.3788 and $0.3921, where buyers stepped in decisively. The breakout above this zone pushed OP toward Target 2 at $0.4244, confirming short-term recovery momentum.
Source: X
Lil Ben described the move as a “clean play,” suggesting the structure followed smart-money accumulation dynamics where liquidity was intentionally cleared before reversal. However, he also advised traders to book partial profits after “Target 2” was hit, as upper resistance near $0.456 could invite profit-taking and potential retracement.
At the time of writing, the token remains technically bullish in the very short term, provided price holds above the reclaimed $0.3921 support. Sustained consolidation above this zone could open a path toward completing the full target at $0.456, but any failure to maintain structure may invite renewed selling pressure.
