![Optimism [OP] hit a key resistance, but an extra 35% hike is possible if…](https://i.headtopics.com/images/2023/2/25/cryptoamb/optimism-op-hit-a-key-resistance-but-an-extra-35-h-optimism-op-hit-a-key-resistance-but-an-extra-35-h-1629368849102413824.webp)
Optimism [OP] hit a key resistance, but an extra 35% hike is possible if...
Optimism’s [OP] price action in February chalked a parallel channel. It oscillated between $3.225 and $2.1 but hit the upper boundary and could retract, clearing some of the gains made in the last few days.Long-term bulls could wait to re-enter the market if OP dropped to $2.837 or the channel’s mid-level of $2.657. However, the ideal entry for a long position would be $2.479 or the channel’s lower boundary of $2.1.
A break below the parallel channel’s lower boundary of $2.1 would invalidate the bullish thesis. The drop could be checked by $1.911 or $1.500. Notably, the selling pressure seen at press time after OP hit the overhead resistance came from a key whale category holding 100K – 1M OPs.
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