Optimism flickers at $0.553: Reduced recovery or pause?

In its latest analysis on X, Crypto Man MAB noted that the price of Optimism (OP) was $0.553, indicating a mild increase of +0.004 (+0.73%) within the last four hours. The short-term move is slightly positive, but highlights the overall trends being bearish since assets peaked at nearly $0.75, indicating a clear revision stage in the market.

Analysis of the trends and quantities of optimism (PO)

Driving into this trend, Crypto Man MAB observed that short-term trends in assets are bearish. Over the past 24 hours, the OP price has dropped from its high to a low of $0.564 to a $0.483 price, forming a downward trajectory. He noted that the long-term outlook reinforces this sentiment by clearly signaling the sudden 71.02% decline in assets over the past 180 days, and that sustained downward pressure.

Turning attention to volume behavior, Crypto Man MAB highlighted the importance of recent spikes in OP trading volumes, particularly during a sudden price drop. He explained that this volume increase often indicates an increase in market participation, which is likely to be driven by panic sales or stop triggers. This surge in volume during the dip suggests that the bear is still active and in control.

In his analysis, Crypto Man Mab further stated that volume SMAs reflect a regular surge, with the latest peaks lined up along the downward movement of prices. This consistency between rising volume and lower prices often reflects strong bearish feelings, reinforcing the downward pressure seen on the charts.

Support, resistance, and indicators

Looking at the support and resistance levels of the OP, analysts point out that the current price is trading near $0.483. This zone serves as a potential support if sales pressure starts to slow down, providing temporary stabilization or bounce opportunities. However, sustained breaks below this level could present an even more downside in the short term.

Conversely, the closest resistance is around $0.564, which represents a height of 24 hours. If prices attempt to recover, this level will likely serve as the first barrier to overcome. The successful move above can indicate emotional improvement, but further confirmation is required to keep short-term bias away from bearishness.

Looking at the patterns on the charts, recent candlesticks show a mix of bullish and bearish activities, while red candles are more dominant. This pattern strengthens the downward momentum ongoing, indicating that the seller is still in control. The overall tone remains cautious despite potential pockets of support until there is a visible shift in momentum.