- Bullish divergence on OP/BTC hints at weakening sell pressure and possible breakout.
- OP/USDT holds $0.40 support as whales accumulate, signaling trend reversal potential.
- Despite a 5% dip, rising open interest on OP shows growing institutional interest.
The cryptocurrency Optimism (OP) may be approaching a pivotal reversal point after enduring a prolonged bearish phase in 2024. Technical analysts suggest a shift in sentiment, supported by strong bullish divergence patterns forming across major trading pairs.
As both the OP/BTC and OP/USDT charts indicate structural bottoming, investors are beginning to reassess the risk-reward profile of this Ethereum Layer 2 solution. With whale activity increasing and critical supports holding, many are seeing this as a potentially lucrative dip-buying opportunity.
Strong Bullish Signals on OP/BTC Pair
According to analyst Michaël van de Poppe, the OP/BTC chart is showing signs of life after months of steady decline. The price is consolidating around 0.00000540 BTC, forming a descending wedge pattern. This structure, historically considered bullish, often precedes upward breakouts.
Most notably, while the price continues to print lower lows, the RSI is either flat or slightly rising. This positive divergence between price and momentum suggests that the selling pressure is weakening.
If the price breaks through the key resistance at 0.00002978 BTC, a trend reversal could be confirmed. Such a move may mirror previous setups seen in coins like SEI and W, where similar patterns led to powerful rallies.
Bounce From Critical Support Zone
On the USDT chart, analyst RudoViljoen highlights a different but equally compelling story. OP has bounced off the $0.40 support level, known as the “launch dump” zone. This historical level now acts as a psychological and technical floor.
Despite prevailing bearish sentiment, whales have been actively accumulating, signaling confidence in OP’s long-term potential. The RSI on the daily chart is showing bullish divergence, hinting at a possible trend shift.
Immediate resistance rests at $1.20, aligned with a past imbalance zone. A breakout above the descending trendline would provide added confirmation of upward momentum.
Market Context and Risk Outlook
As of press time, OP is trading at $0.5505, down 5.19% in the last 24 hours. Open interest has dropped 6.05% to $97.7 million, dominated by perpetual contracts. Binance, Bybit, and OKX lead in open interest, suggesting growing institutional attention.
