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Optimism (OP) has traded within a range over the past few days. Meanwhile, the overall cryptocurrency market consolidated ahead of the November 1 Federal decision on interest rates.
OP recorded bullish actions towards the $1.45 region before reversing to gather liquidity at the $1.35 support area. The altcoin continued to hover within this territory at press time.
Potential bullish action
According to OP’s 12-hour chart on TradingView, Optimism bulls have used the liquidity level at $1.33 – $1.35 to re-enter and execute long positions. Meanwhile, the barrier at $1.40 – $1.46 on the daily chart remained a massive challenge, and short-term investors utilized the area to take profits.
Thus, OP can extend this range trend if Bitcoin fails to overcome $35K ahead of the upcoming Federal decision.
Further, Optimism should conquer the hurdles at $1.50 & $1.59 if the altcoin breaks from the near-term range pattern. A bearish dip by sellers might take OP towards the reliable support floor at the $1.26 – $1.28 territory.
Meantime, the Chaikin Money Flow and OBV highlighted above-average capital inflows and Spot market demand. Nonetheless, the Relative Strength Index displayed feeble demand, explaining the alt’s latest range formation.
Liquidation stats point to an extended range
OP’s liquidation data remained nearly equally distributed levels at this publication. Nonetheless, the top side has substantially more open liquidity around $1.40 & $1.43 – with $1.67M near-term liquidation on each side.
Thus, OP can hit these liquidity regions before prices dip to gather low liquidity at $1.35.
Invezz.com reported that the upcoming rate decision will likely drive the market. OP bulls could trigger a breakout if the Fed leaves the rate unaltered and Bitcoin surges. Thus, enthusiasts should follow the Fed’s Wednesday developments and potential Bitcoin rally to determine OP’s upcoming trajectory.
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