Optimism $OP is extending its bleed, down another 0.82% to 0.3134 after failing to hold the 0.317 EMA9 on the 4H. The price action shows a clear bearish continuation below the EMA ribbon, with the recent pump from 0.2975 now fully rejected at 0.3216 resistance. Volume is spiking on red candles (26.88M OP traded), while bids in the order book sit at a vulnerable 58.59%—sellers dominating with fresh asks above 0.315. RSI at 45-58 neutral but MACD histogram flipping negative, and broader ETH weakness (down 1.2% today) is dragging L2s like OP lower amid post-ATH BTC correction.
A close below 0.310 opens the 52-week low at 0.29 fast, with extension to 0.27 if we break that.
Short setup:
Entry: 0.3120 - 0.3140
Target 1: 0.3000
Target 2: 0.2900
Stop Loss: 0.3220 (above resistance)
R:R 1:3.5+
Bearish bias under 0.317. Confirm on volume breakdown.
