Optimism (OP) Price Faces Resistance at $0.66 as Bulls Struggle to Break Out

Optimism (OP) is navigating a critical technical zone as the price remains capped below the $0.66 resistance level. After a brief rally attempt, the token encountered seller pressure, raising questions about the sustainability of its upward momentum.

While some indicators suggest strengthening fundamentals, bulls have yet to flip key levels into support. Market participants are closely watching whether OP can maintain its footing above $0.64 amid rising volatility.

Bearish Setup Forms as Price Rejects Key Resistance

The OPUS/USDT 5-minute chart, shared by analyst @JeremyofCrypto, shows a defined short-term resistance between $0.6581 and $0.6614. This supply zone has seen repeated price rejections, weakening the bullish structure as traders defend this level.

A short position was identified just below $0.6581, with a conservative stop-loss above the resistance ceiling at $0.6614. This tight setup suggests a cautious approach amid repeated rejection at the overhead barrier.

Source: X

The price target for this short trade is set at $0.6424, near a prior swing low. This zone has previously attracted buying interest, making it a logical level for profit-taking. As the price continues to test resistance without breaking higher, short-term bearish bias is gaining traction. The formation of a red risk zone above the entry underscores the trader’s focus on defined parameters and structured risk-reward management.

Consolidation Persists Amidst Steady Volume and Market Cap Stability

BraveNewCoin data highlights a 24-hour price range between $0.62 and $0.66, with OP last trading at $0.65, marking a 2.19% daily loss. The asset briefly touched $0.658 before retreating toward $0.64, forming a pattern of lower highs.

Despite some intra-session recoveries, the overall trajectory reflects hesitation near upper resistance bands. Volume remained consistent throughout the period, with the session’s high reaching $206.49 million, suggesting active but cautious market participation.

Source: BraveNewCoin

With a circulating supply of 1.75 billion tokens and a diluted market cap of approximately $1.13 billion, OP ranks #93 among digital assets by market capitalization. The supply profile and stable trading volume indicate continued engagement from traders, though not strong enough to trigger a sustained breakout.

Unless OP convincingly flips the $0.66 level into support, price action may remain range-bound between $0.63 and $0.66.

Daily Chart Indicators Signal Tentative Recovery

On TradingView, the OPUS/USDT daily chart reflects a modest recovery from previous lows, with price recently closing at $0.659 after bottoming out at $0.457 earlier in the cycle. The chart shows a gradual buildup in bullish candles since late June, with $0.60 acting as a visible accumulation zone. Resistance near $0.67 has emerged as the next technical barrier, historically functioning as both support and resistance.

Source: TradingView

Momentum indicators present a cautiously optimistic picture. The Awesome Oscillator (AO) has flipped green, posting a value of 0.053, indicating increasing positive momentum. At the same time, the Chaikin Money Flow (CMF) stands at +0.06, confirming capital inflow after several weeks of outflow. These readings suggest that sentiment is improving, but further gains depend on OP closing above the $0.67 threshold with solid volume support.

While short-term setups remain mixed, the broader trend for OP hinges on its ability to overcome the current resistance structure and confirm bullish continuation.