- OP surged 7.8% in one hour following Upbit’s listing announcement.
- Upbit listing includes KRW, BTC, and USDT pairs, with temporary trading restrictions applied.
- Technical indicators like RSI (66.90) and MACD crossover signal strong bullish momentum.
The price of Optimism (OP), the Ethereum Layer 2 scaling solution, surged 7.8% within an hour following news of its listing on Upbit, South Korea’s largest cryptocurrency exchange. The sudden spike saw OP hit $0.808, marking a 10% increase over the past 24 hours and a staggering 303% jump in trading volume.
Upbit Listing Triggers Rally
Upbit officially announced the listing of OP with trading pairs in Korean Won (KRW), Bitcoin (BTC), and Tether (USDT).
Trading is scheduled to go live at 16:30 KST on July 28. Deposits are already available via the Optimism network, with withdrawals to be enabled shortly after the market opens.
To ensure a smooth launch, the exchange has imposed temporary trading restrictions. These include a ban on buy orders for the first five minutes and a ban on sell orders placed 10% below the last closing price. For the first two hours, only limit orders will be permitted to help stabilize the market during the initial trading surge.
OP Price Analysis: Technical Indicators Signal Momentum
As per the daily chart below, OP price has pushed sharply toward the upper band at $0.831, currently trading at $0.808, suggesting strong bullish momentum but also nearing a potential resistance zone.
The middle band (20-day moving average) at $0.714 has acted as a solid support during the last retracement.
Meanwhile the RSI at 66.90 sits just below the overbought threshold of 70, implying that although OP is approaching overbought territory, there’s still room for upward movement before a potential correction.
Finally, the MACD line has just crossed above the signal line with positive histogram bars emerging, a classic bullish crossover.
If bullish momentum continues and OP breaks above the $0.831 resistance (upper BB), it could target the psychological $0.90 zone. On the downside, the 20-day average near $0.714 remains the critical support. A break below this level could turn OP bearish.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
