Is $2+ the Next Stop After Upbit Boost?

TL;DR

• OP breaks previous 50-day common as RSI nears 60, signaling bullish energy constructing.
• Open curiosity hits $233M whereas quantity drops, exhibiting merchants are positioned for the following huge transfer.
• Worth targets from $0.93 to $2.10 emerge if OP breaks above $0.80 resistance zone.

Worth Approaches Key Resistance

Optimism (OP) is now testing the highest of a descending channel that has formed its worth motion for near 9 months. The asset has been buying and selling inside a construction marked by decrease highs and decrease lows, forming a transparent downward sample on the every day chart. 

Optimism was buying and selling at $0.71 as of press time, exhibiting a 3% improve prior to now 24 hours and 5% over the previous week.

Analyst Jonathan Carter notes that the worth is nearing the channel’s higher edge, with quantity exhibiting indicators of improve. A every day shut above the $0.80 to $0.82 vary could affirm a breakout. 

#OP

Optimism is approaching breakout from the descending channel on the every day timeframe‍♂️

Quantity is rising as the worth checks the higher boundary of the channel sample

A decisive break above resistance may drive the worth towards targets at $0.80, $0.93, $1.20, $1.60, and… pic.twitter.com/rXvxjGzWog

— Jonathan Carter (@JohncyCrypto) July 31, 2025

If that occurs, merchants are anticipating potential strikes towards $0.93, $1.20, $1.60, and $2.10. These ranges align with earlier buying and selling exercise and match areas with greater quantity on the chart.

On the draw back, assist is seen round $0.50 to $0.55. This zone has supplied a base for worth throughout previous drawdowns and continues to function a key stage to observe if the worth motion weakens. Any failed try to interrupt resistance may push the asset again towards this space.

Indicators Present Early Indicators of Power

The 50-day transferring common, at the moment close to $0.628, was lately crossed to the upside. This stage had acted as resistance in earlier weeks and now could act as assist if the worth continues upward.

In the meantime, the Relative Power Index (RSI) is close to 60. This means that worth energy is constructing, however the market isn’t but overbought. This setup permits room for additional upside if momentum builds over the approaching periods.

Futures Knowledge Exhibits Dealer Curiosity Rising

Open Curiosity (OI) in OP futures has grown 6% prior to now day, reaching $234 million, primarily based on Coinglass information. Since April, open curiosity has grown steadily, greater than doubling from earlier ranges.

On the similar time, every day futures quantity has dropped by 21% to $583 million. This distinction between rising OI and falling quantity means that merchants could also be positioning early, ready for a confirmed transfer. The rise in consideration follows an 8% intraday worth leap after South Korea’s Upbit alternate announced new OP buying and selling pairs on July 28.