Optimism Traders Eye Swing Setup as Price Holds $0.67

Optimism is in focus this week after an analyst shared a detailed swing long setup on X, laying out exact entry, add, and stop-loss levels for traders watching the Layer-2 token. The analysis comes at a time when the asset is trading near $0.67, consolidating after a recent pullback.

With sentiment split between cautious accumulation and short-term bearish signals, the token’s chart presents both opportunity and risk depending on how support levels hold in the days ahead.

Swing Setup: Defined Entries and Risk Control

Blasto’s strategy highlights $0.6058 as the primary entry zone for a swing long, framing it as a potential reversal point after OP’s recent downtrend. This level corresponds with technical support, where past price action has shown stabilization, making it a logical area for buyers to step back in.

Source: X

The analyst adds a secondary buy level at $0.5739, designed as a scale-in opportunity if the price dips below the first entry but holds above deeper support. This methodical approach reflects a risk-managed plan, where temporary weakness is viewed as a chance to strengthen positioning rather than exit prematurely.

Risk management is emphasized through a stop loss at $0.5436, just below the add zone. If triggered, this would invalidate the setup and cap potential losses. With these levels in place, the trade idea is structured around capturing a rebound from oversold conditions while clearly limiting downside exposure.

Market Data Chart: OP Holds Above $0.67

According to market data, Optimism is currently priced at $0.67, up 0.54% over the past 24 hours. Its market capitalization stands at $1.19 billion, ranking it 106th among cryptocurrencies, with daily trading volume of around $119 million. The circulating supply sits at over 1.77 billion tokens, reinforcing its position as one of Ethereum’s key Layer-2 scaling solutions.

Source: BraveNewCoin

In the broader context, the token has recently traded within a volatile range, with notable highs near $0.95 and lows around $0.45 over the past weeks. The current holding pattern near $0.67 reflects consolidation after sharp fluctuations, suggesting that market participants are waiting for stronger directional cues before committing fully.

Technical Indicators: Bearish Momentum vs. Consolidation

On the technical side, OP/USDT is trading around $0.6816 at the time of reporting, showing a modest intraday gain of 1.58%. Price action reflects a consolidation phase, with movement contained within a broader range.

Source: TradingView

The Chaikin Money Flow (CMF) indicator reads -0.09, signaling mild selling pressure and net capital outflows. While not deeply negative, the reading does suggest cautious sentiment, consistent with the memecoin’s sideways trading pattern. Sustained negative CMF values could weaken the bullish case unless fresh inflows emerge.

The MACD indicator adds weight to the bearish short-term outlook. A crossover has occurred, with the MACD line at -0.0213 below the signal line at -0.0131, and a histogram value of -0.0082. This confirms that sellers currently hold momentum, and without a reversal, the price could struggle to break higher levels in the near term.