Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/span><\/i><\/p>\n Optimism [OP]<\/span><\/a> recorded two legs of recovery since 19 October. At press time, the Layer-2 token was on the verge of fronting the third phase of the recovery but faced two roadblocks at $1.4 and $1.5.\u00a0<\/span><\/p>\n Read <\/span>Optimism\u2019s [OP] Price Prediction 2023-24<\/span><\/a><\/p>\n A previous price <\/span>report<\/span><\/a> on OP established that the bullish defense of $1.165 could tip bulls more gains. The idea was validated during the first phase of recovery. OP extended the recovery during the second leg only to hit two sticky hurdles.\u00a0<\/span><\/p>\n Source: OP\/USDT on TradingView<\/p>\n<\/div>\n The first recovery phase cooled off briefly at $1.250 before the second leg picked momentum to $1.4. The breaker block on the daily chart of $1.40 \u2013 $1.46 (red) was hit at press time.\u00a0<\/span><\/p>\n Previously, the above hurdle at $1.4 led to a retracement to the liquidity area on the chart (orange) and previous support of $1.349. But bulls were determined to crack it. Should they succeed, the next hurdle will be $1.5; hence, price action faced double obstacles.\u00a0<\/span><\/p>\n A move beyond $1.5 would push OP to hit $1.590, while a price rejection at the overhead hurdles would drag it to $1.35.\u00a0<\/span><\/p>\n Such moves could provide two possible set-ups for bulls. One with an entry at $1.35 targeting the overhead hurdle of $1.4 or the re-entry at $1.50 after a confirmed extra upside at the level. For the latter, the take-profit will be $1.590. Each set-up could provide 5% and 6% gains.\u00a0<\/span><\/p>\n Each set-up\u2019s exit will be below $1.35 and $1.50, respectively. However, the positive RSI and CMF underscored improved buying pressure and capital inflows.<\/span><\/p>\n Source: Coinalyze<\/p>\n<\/div>\n Apart from positive buying pressure and capital inflows, OP\u2019s market sentiment was positive, too. The green funding rates confirmed the above stance and demonstrated that players were optimistic about OP.\u00a0<\/span><\/p>\n\n
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\nBulls can consider these levels<\/h4>\n
![\"Optimism\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/OPUSDT_2023-10-26_14-26-49.png\")
<\/a><\/p>\nFunding rates remained positive<\/h4>\n
![\"Optimism\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/OP-Coinlyze.png\")
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