Optimism surges 13% on Upbit news: OP’s next move depends on…

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.