Optimism surges 13% on Upbit news: OP’s next move depends on…
Main Idea
Optimism (OP) surged 13% following news of its upcoming spot listing on Upbit, South Korea's largest crypto exchange, with traders eyeing a key resistance level at $0.85 for further price movement.
Key Points
1. Optimism (OP) rallied over 13% in 24 hours, reaching a two-month high after Upbit announced its spot listing, allowing trading in KRW, BTC, and USDT pairs.
2. Trading volume for OP surged 460%, indicating strong market interest and a potential short-term price spike.
3. Technical analysis suggests OP broke a long-term descending trendline; a breakout above $0.85 could target a 40% move toward $1.20, while failure may lead to a pullback.
4. The Chaikin Money Flow (CMF) at +0.10 shows continued capital inflow, supporting the rally, but the 200-day EMA remains a resistance level.
5. Open Interest (OI) for OP rose 38% to $310 million, and Binance's Long/Short Ratio of 2.06 reflects bullish sentiment among traders.
Description
OP gains 13%, trading volume explodes. Now all eyes on $0.85!
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