OP news live: Bears dominate with price at $0.7094

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Optimism Drops 10.79% Today

Highlights

Optimism (OP) fell 10.79% to $0.7094, trading below its MA-20, MA-50, and slightly under MA-200 at $0.7157, signaling near-term weakness.
A major token unlock increased circulating supply and intensified selling, while open interest remains steady near $150 million ahead of the Optimism Superchain Sepolia upgrade on September 22.
OP faces bearish technical pressure below major moving averages and dominant resistance at the $0.7547 Ichimoku Kijun, with less than 20% probability for an upside breakout.

Token unlock and upgrade anticipation drive steady trader activity

A significant driver for OP is the upcoming launch of the Optimism Superchain Sepolia upgrade, scheduled for September 22, which marks a milestone in advancing the network’s scalability and user potential. The asset’s price is also facing downward pressure from a recent large token unlock that increased circulating supply and contributed to selling activity. Despite this, open interest remains steady around $150 million, indicating continued trader participation.

Bearish momentum persists amid technical divergence and resistance

Technically, OP is under persistent bearish pressure, trading below all key moving averages with dynamic resistance at the Ichimoku Kijun level ($0.7547). Daily oscillators send mixed signals: the MACD points to strong buy, while the ADX, Stoch RSI, and CCI are neutral, and the RSI is at 54, showing no extremes. The Awesome Oscillator is neutral and the BBP is negative, underscoring seller control during volatile intraday sessions. OP's price action is diverging from some positive momentum indicators, underlining an uncertain technical outlook.

Further declines likely as breakout risk remains limited

In the short term, OP is expected to consolidate between $0.6628 and $0.6984. The prevailing scenario suggests further declines or sideways movement, with a less than 20% chance of an upward breakout. Bulls would need a close above $0.7547 to signal renewed momentum, while a fall below $0.685 may trigger a move toward new weekly lows.

Anton Kharitonov, expert at Traders Union, notes that Optimism (OP) is showing ongoing technical weakness, with price action below all key moving averages and strong intraday selling pressure. Despite steady open interest and the fundamental milestone of the upcoming Superchain Sepolia upgrade, the analyst sees little evidence of bullish momentum as price remains suppressed by recent token unlocks and dynamic resistance levels. Kharitonov remains skeptical, emphasizing that buyers must reclaim key levels before any reversal scenario comes into play. "Base case remains consolidation with a risk of further downside — unless OP closes above $0.7547, I see no clear reason to turn bullish here."

Previously it was noted that momentum signals are mixed — MACD gives a buy signal but ADX shows weak trend strength. Last time we reported that overbought conditions were present, with indicators such as RSI and Stoch RSI highlighting stretched sentiment.

Source of Data: OP Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.