Optimism Price Prediction Signals Fresh Breakout After Retest of $0.66 Support

Optimism (OP) price re-entered a critical technical zone, showing signs of renewed strength following a successful retest of the $0.66 support level. Market observers are closely watching whether this price action confirms a continuation of the bullish trend established earlier in July.

The token’s recent price behavior has been defined by a rising broadening wedge, a pattern often associated with volatility and breakout potential. With intraday volumes holding steady and price consolidation tightening, traders are awaiting confirmation of the next directional move.

Optimism Price Wedge Structure Defines Near-Term Path

The latest technical chart shared by analyst AltCryptoTalk identifies a key shift from bearish to bullish structure in OP/USDT. For nearly two months, the asset traded within a descending channel marked by lower highs and lower lows.

This pattern broke when OP broke out above the channel in mid-July, forming a series of higher highs that signaled the beginning of a new upward phase. The bullish structure is now characterized by a rising broadening wedge formation, with price movement respecting both the upper and lower trendlines.

Source: X

As of the latest market action, OP is hovering around $0.655, near the wedge’s lower boundary and a prior demand zone marked around $0.66. This level also served as a key support during the transition out of the descending channel. The retest of this zone has thus far held, indicating that buyers are still defending the trend.

If the wedge structure remains intact and support holds, this area could serve as a springboard toward higher resistance levels such as $1.00 and $1.25. However, a break below the lower wedge line would weaken the bullish setup and raise the likelihood of a revisit to the $0.50 support.

Short-Term Trading Behavior Shows Consolidation

The 24-hour chart reflects a relatively volatile session for OP, with the price swinging between intraday highs of $0.665 and lows just below $0.645. Despite several upward attempts, price retraced quickly, indicating short-term hesitation from buyers.

These movements have occurred without any major volume spikes, which suggests that current trades are routine rather than driven by large-scale entries or exits. Total daily volume reached $257.34 million, showing steady but unspectacular participation.

Source: BraveNewCoin

Of particular note are two sharp V-shaped recoveries, first around 15:00 UTC and then again near 01:00 UTC, where the token rebounded after dipping below $0.645. These movements suggest the $0.64–$0.645 region remains a strong short-term support level.

Market capitalization currently stands at $1.146 billion, placing Optimism at rank 101 among crypto assets. The circulating supply of 1.75 billion tokens adds a layer of liquidity that supports gradual movements rather than extreme volatility. If price maintains above $0.65 with increasing volume, a renewed push toward $0.70 may unfold in the near term.

At the Time of Writing, Indicators Reflect a Pullback in Momentum

The daily chart confirms a mild corrective phase after OP peaked near $0.76 earlier in July. At the time of writing, the asset trades at $0.640, down 1.23% on the day. Despite the pullback, the broader structure remains bullish as long as the $0.62–$0.64 range holds. The continuation of higher highs and higher lows suggests the trend has not yet reversed.

Source: TradingView

Momentum indicators reflect a cooling in sentiment. The Chaikin Money Flow (CMF 20) reads -0.10, indicating a slight dominance of capital outflows over inflows. This contrasts with positive CMF levels recorded during July’s rally.

The Bull and Bear Power (BBP 13) also shows a reading of -0.115, reflecting increasing bearish pressure. While this shift signals caution among market participants, it does not yet confirm a full trend reversal. Continued monitoring of these indicators, alongside price action near the lower wedge line, will offer clearer insight into the next major move for Optimism.