- Optimism faces strong resistance near $0.7200 despite holding key support zones
- MACD shows early bullish crossover, but weak momentum signals trader caution
- Forecast predicts 19% decline by June-end as liquidations reflect market tension
The cryptocurrency market remains in flux as Optimism (OP) rides a wave of volatility entering June 2025. Following a recent 8.47% jump in just 24 hours, OP reached a price of $0.7059. Despite this bullish move, technical indicators and liquidation data hint at a possible reversal.
Technical Landscape: Support Holding, Resistance Dominant
Optimism’s recent rally stems from a solid support base near $0.6489. This price level reflects strong buying interest, as buyers stepped in to reverse previous dips.
Another intermediate support level has formed around $0.6800, where OP briefly consolidated before resuming its upward climb. These support zones have helped reinforce short-term bullish sentiment.
However, resistance levels remain formidable. The $0.7200 mark emerged as a critical barrier after multiple failed attempts to break higher. Additionally, the $0.7150 to $0.7180 range shows persistent selling pressure. These repeated rejections indicate that bulls may struggle to maintain momentum without a catalyst.
Indicators Offer No Clear Conviction Yet
OP’s MACD shows early signs of a bullish crossover, with the MACD line rising above the signal line. Although momentum is still weak, the trend suggests a possible short-term rally. However, confirmation is needed before traders fully commit to a bullish stance.
The RSI stands at 52.08, placing OP in neutral territory. This implies no immediate overbought or oversold condition, allowing for movement in either direction. Significantly, this neutrality aligns with the market’s indecision.
Meanwhile, trading volume has surged 64.53% in the past day to $350 million. This surge in volume signals growing market participation and interest. A high volume-to-market cap ratio of 28.85% points to a healthy liquidity environment.
June Forecast: Market Caution Prevails
Despite recent gains, Coincodex analysts forecast predict a dip to $0.572926 by the end of June. This projection represents a potential 19.48% monthly decline. If this bearish trend unfolds, OP could drop to as low as $0.502659 before finding strong support again.
Liquidation data reinforces the market’s uncertainty. Total liquidations hit $811,000 in a single day, with shorts slightly more affected than longs. Binance led the exchanges in trading activity, followed by Bybit and OKX.
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