Optimism (OP) outlook as price range persists ahead of Fed decision

October 30, 2023 08:10 AM PDT | By Invezz

Optimism (OP) outlook as price range persists ahead of Fed decision — Image source: Invezz

Potential bullish action

According to OP’s 12-hour chart on TradingView, Optimism bulls have used the liquidity level at $1.33 – $1.35 to re-enter and execute long positions. Meanwhile, the barrier at $1.40 – $1.46 on the daily chart remained a massive challenge, and short-term investors utilized the area to take profits.

Thus, OP can extend this range trend if Bitcoin fails to overcome $35K ahead of the upcoming Federal decision.

Further, Optimism should conquer the hurdles at $1.50 & $1.59 if the altcoin breaks from the near-term range pattern. A bearish dip by sellers might take OP towards the reliable support floor at the $1.26 – $1.28 territory.

Meantime, the Chaikin Money Flow and OBV highlighted above-average capital inflows and Spot market demand. Nonetheless, the Relative Strength Index displayed feeble demand, explaining the alt’s latest range formation.

Liquidation stats point to an extended range

OP’s liquidation data remained nearly equally distributed levels at this publication. Nonetheless, the top side has substantially more open liquidity around $1.40 & $1.43 – with $1.67M near-term liquidation on each side.

Thus, OP can hit these liquidity regions before prices dip to gather low liquidity at $1.35.

Invezz.com reported that the upcoming rate decision will likely drive the market. OP bulls could trigger a breakout if the Fed leaves the rate unaltered and Bitcoin surges. Thus, enthusiasts should follow the Fed’s Wednesday developments and potential Bitcoin rally to determine OP’s upcoming trajectory.

The post Optimism (OP) outlook as price range persists ahead of Fed decision appeared first on Invezz

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