Optimism is back in focus as its price consolidates near the $0.75 level, attracting attention from both traders and analysts.
Recent technical setups show the token testing critical moving averages, which could soon decide whether the token confirms a bullish breakout or slips into deeper consolidation. Despite short-term pressure, the asset remains around the crypto’s ability to reclaim $1 if momentum strengthens
OP Battles Key Resistance Around $0.75
As highlighted by Michaël van de Poppe, the memecoin is sitting at a key juncture, trading just beneath its 20-week moving average. A confirmed break above this level would be a powerful bullish signal, aligning with a similar setup on the OP/BTC chart. Historically, such breaks have triggered strong upside continuations, making $1 the next realistic upside target in the short-to-mid term.
Source: X
The long-term chart also outlines a clear structure of support and resistance. Price has compressed near $0.70–$0.80 for weeks, with volume gradually declining — a classic sign of accumulation before expansion. If bulls reclaim $1.24, it could confirm a range breakout, flipping resistance into support and opening the path to higher targets near $2.
Still, the setup is binary. A failure to hold current levels risks invalidation, with downside exposure toward $0.60. Traders should watch the weekly close above or below the 20-week MA to confirm the next big move.
Market Data Shows Strong Liquidity Despite Dip
According to BraveNewCoin data, OP is trading at $0.75, marking a 7.10% decline in the past 24 hours. The token carries a market capitalization of $1.32 billion with a daily volume of $186 million, underscoring strong liquidity despite the recent dip. With a circulating supply of 1.77 billion tokens, the asset retains deep market participation, which supports its ability to sustain volatility-driven breakouts.
Source: BraveNewCoin
Price action highlights a tight intraday range between $0.73 support and $0.76 resistance. Sellers dominated during the last 24 hours, but buyers continue to defend the $0.73–$0.74 zone, preventing further downside. This narrow trading corridor reflects short-term uncertainty, with traders waiting for a catalyst to break the stalemate.
Technical Indicators Point to Possible Breakout
On TradingView, OP trades around $0.7566, holding steady after recent volatility. The range high sits near $0.95 while the bottom extends to $0.45, creating a broad channel of opportunity. The token has established a pattern of higher lows since July, hinting at slow accumulation, though a breakout still requires stronger bullish confirmation.
Source: TradingView
Momentum indicators show the memecoin. The Chaikin Money Flow (CMF) prints a positive 0.06, suggesting moderate capital inflows, while the MACD line at 0.0143 remains above the signal line, reflecting early bullish momentum. However, these indicators remain fragile and could flip quickly without renewed price expansion.
For the asset to reclaim $1, three conditions stand out: a daily close above $0.80, sustained CMF growth into stronger inflows, and volume expansion beyond current averages.
