Optimism(Op) price analysis

After being in a downtrend for a few days, Optimism (OP) is showing the first signs of starting a new uptrend.
The 20-day EMA ($1.46) has started to rise and the RSI is in the positive zone, indicating that the bulls have the upper hand. There is a minor resistance at $1.66 but if this level is breached, the OP/USDT pair could rise to $1.88 and then $2.
Contrary to this assumption, if the price drops from $1.66, it will indicate that the bears are selling on rallies. The pair could then drop to the 20-day EMA, which is an important level to watch. If this support is broken, the pair could drop to the 50-day SMA ($1.33).
The 4-hour chart shows that the price has been stuck between $1.66 and $1.40 for some time. The 20-EMA has started to rise and the RSI is just below the overbought zone, indicating that the bulls have a slight advantage.
If the bulls propel the price above $1.66, the pair could resume its upward move. The first upside target is $1.92.
If the price drops below $1.66, it will signal that the pair may extend its range-bound action for a while. The bears will need to push the price below $1.40 and sustain it to top it. This could open the way for a potential drop to $1.15.
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