Optimism Price Grinds on Last Line of Defense at $0.09

Optimism (OP) is struggling to hold onto its current price of $0.09, but despite the bearish sentiment, top traders are quietly loading up on long positions.

The token's recent -4.30% session on nearly zero volume has raised concerns about a slow bleed in the market, with OP trading below both its 7-day and 200-day moving averages.

However, the derivatives positioning suggests that smart money is betting on an upside move, with a long/short ratio of 1.77 indicating that 63.9% of exposure is positioned to the upside.

The funding rate remains near-zero at 0.0068%, suggesting no overcrowding with leveraged longs, and open interest has ticked up 0.59% in 24 hours, indicating someone is adding exposure near this floor.