Optimism (OP) has posted notable gains today, October 2, trading at $1.45, with a 5% increase in the last 24 hours. Furthermore, its price has gained 15% in the last seven days.
OP’s rise coincides with the improvement in the general crypto market, which showed a remarkable recovery. However, whether OP will sustain the ongoing rally remains to be seen. But a close look at a few technical indicators may provide vital insights into its next price moves.
OP Approaches Overbought Zone As Buyers Sustain Rally
OP continues to show positive price momentum as buyers dominate the market. Also, it has formed a fifth consecutive candle on the daily chart, confirming active accumulation by traders. Its rally became prominent on September 29, when it broke above the Donchian Channel (DC) median band.
OP flipped the $1.41 resistance level to support today and edges closer to the upper band of the Donchian Channel towards the $2.50 resistance level. If the buyers sustain the rally above the $
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