Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
- OP hit a key Q3 2022 help zone at $1.2.
- There was a large purchase restrict order at $1.20 and $1.15 at press time.
Previously quarter (Q3), Optimism [OP] consumers have exploited the essential help zone of $1.19 – $1.27 (cyan). At press time, the current pullback hit the Q3 help and will entice consumers.
Learn Optimism’s [OP] Worth Prediction 2023-24
In the meantime, Bitcoin [BTC] dropped to the earlier breakout stage of $27.5k, simply an inch away from a every day chart liquidity space of $27.0k – $27.2k. A BTC rebound from the above key help might favor OP consumers.
Will the Q3 help rescue bulls once more?
Supply: OP/USDT on TradingView
The Q3 help zone doubled as a every day bullish order block (OB) fashioned on 13 July. The help zone noticed a robust rebound in August and September. That begs the query, can it rescue bulls once more in October?
If BTC defends the $27k stage within the subsequent few days, OP might rebound on the above Q3 help zone of $1.19 – $1.27 (cyan). If that’s the case, the rebound might provide +13% if it hits the second bullish goal of $1.4.
However a bounce to the primary bullish goal of $1.35 would yield a possible 9% achieve.
Nonetheless, a drop under the help zone and subsequent shut under $1.17 will invalidate the above lengthy set-up. Such an prolonged drop might tip sellers to increase positive aspects to $1.0, particularly if BTC drops under $27k.
In the meantime, RSI and OBV retreated southwards, indicating promoting stress intensified amidst a decline in Spot market demand for the altcoin up to now few days.
Huge shopping for curiosity for Optimism at $1.2
Supply: MobChart
Based mostly on order movement evaluation utilizing MobChart data, the demand zone stage of $1.20 had huge purchase restrict orders at press time on the Binance Alternate. There was a requirement of over 400k OPs on the $1.20 stage, translating to $488k at press time worth of $1.22.
How a lot are 1,10,100 OPs price right now?
There have been different purchase restrict orders at $1.21 and $1.23 at press time, additional reinforcing {that a} rebound could possibly be probably amidst a spike in demand at Q3 help if BTC doesn’t drop under $27k.
On the promote facet, there was a major promote restrict order at $1.45. So, the order movement evaluation at press time validated the lengthy set-up. However a bearish BTC will invalidate the bullish bias.
