Will Optimism finally cross the $1.6 roadblock?

Optimism could take a cue from BTC's narrow price consolidation and extend its range trading.

faced another price rejection at the range-low of $29.5k. That makes the level a crucial resistance to overcome if bulls are to advance further. But the derailment could further undermine OP from fronting an upswing.At the time of writing, price action hit the 50 EMA of $1.498. In addition, the RSI inched closer to the neutral 50-mark. Besides, the CMF was yet to cross over the zero mark decisively. It shows muted buying pressure and capital inflows.

Taken together, OP bulls could face a tough call unless both price chart indicators cross their respective median thresholds. With a weak BTC, OP could falter at 50 EMA or D1 bearish order block of $1.59 – $1.66 . So a likely drop towards the immediate support of $1.4 couldn’t be overruled. If BTC’s narrow price consolidation of $29.0k – $29.5k persists, OP could take a cue and extend its price range of $1.4 – $1.65.Optimism’s funding rate turned negative over the weekend, which could allow sellers to gain ground if the trend persists. The above negative chart of the OI-weighted funding rate shows that even open interest rates declined over the weekend.

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