Optimism (OP) experienced a rally of nearly 40% within a span of 48 hours, starting from the low point on Monday, June 19.
Enthusiastic buyers played a significant role in driving this surge, and the demand for Optimism has remained relatively robust.
As Bitcoin (BTC) displays a bullish outlook, it could positively impact the altcoin markets. However, there is a possibility of a pullback if the lower timeframe support level fails to hold.
The H4 market structure for Optimism (OP) exhibited a strong bullish trend. On June 13, the token recorded a lower high at $1.2.
A week later, on June 20, the bulls successfully breached this level, indicating their determination and bullish intent.
Consequently, the On-Balance Volume (OBV) and trading volume surged alongside prices, signaling a robust demand and a short-term uptrend. Analyzing the daily timeframe chart, it is crucial to monitor resistance levels at $1.48, $1.55, and $1.67.
Optimism faced initial rejection at the $1.48 resistance level, and subsequent attempts to breach it stalled around $1.45. As a result, prices retraced to the $1.34 level, which currently serves as a short-term support for the token.