The optimism in current prices has caught the market’s attention as bullish momentum builds, pushing the price towards the key $1.8 level. This upward drive could signal a potential turning point, challenging the prevailing downtrend that has held bulls in check for weeks. With buyers regaining control, speculation is mounting as to whether the once dominant bear trend is on the verge of breaking down, or will the resistance at $1.8 hold?

This analysis examines the recent positive momentum driving Optimism towards the key resistance level of $1.8 and assesses whether this momentum can halt the ongoing downtrend. It will also provide insight into potential outcomes and conclude with an outlook on whether bulls can maintain their strength or bears are poised to regain control by examining technical indicators and key price levels.

Over the past 24 hours, OP gained 5.32%, reaching around $1.44. The crypto asset’s market capitalization exceeded $1.7 billion, while trading volume exceeded $135 million. During this period, the market capitalization increased by 5.40%, while trading volume increased by 11.78%.

Bullish momentum assessment towards key resistance at $1.8

Optimism price is currently bullish, trading above the 100-day plain moving average (SMA) on the 4-hour chart. If bulls maintain their strength above this key indicator, it could propel the cryptocurrency toward further gains, targeting the $1.8 resistance level.

Moreover, the Relative Strength Index (RSI) indicates that optimism may continue its upward trend towards the $1.8 resistance level. The signal line has risen above 50% and is hovering around 69%, suggesting that bullish pressure remains mighty in the market.

On the daily chart, OP price is showing stability after a successful rejection at $1.4. This stability suggests that bullish momentum could continue, potentially allowing price to continue rising towards the $1.8 resistance level and the 100-day SMA. If bulls continue to exert their influence, this could set the stage for further gains and strengthen the uptrend.

Finally, the 1-day RSI indicates that the bullish momentum of Optimism is building, with the signal line currently sitting at around 50.81% after crossing the 50% level, indicating the potential for further upside in the asset’s value.

Market Momentum and Movements: What’s Next for Optimism as the Rate Heads Towards $1.8?

If the current favorable pressure continues and OP price breaks above $1.8, it could signal the beginning of a bullish rally. A breakout could push the asset towards the next resistance at $3 and potentially higher levels.

However, if Optimism rebounds from the $1.8 level, it could revisit the previous low of $1. A break of this level could indicate further downside momentum, potentially taking the cryptocurrency towards the $0.4 range and other lower levels.