- Optimism (OP) experienced an impressive 8% price increase in 24 hours.
- OP’s trading volume surged over 90% in the past day.
- OP demonstrated superiority over Bitcoin and Ethereum in recent trading session.
Despite the overall bearish trend in the cryptocurrency market leading up to the weekend, Optimism (OP) stood out with a notable surge in its price, experiencing an impressive 8% increase within the past 24 hours alone. According to CoinMarketCap, this altcoin’s current valuation is approximately $1.51.
Furthermore, alongside the notable price surge, OP’s trading volume experienced a significant surge of over 90% within the past day, reaching an impressive $402,514,532 at the time of writing. This surge in trading activity further bolstered the crypto’s weekly performance, pushing it even higher into positive territory at +23.44%.
In addition to exhibiting a robust performance against the Dollar, OP demonstrated remarkable superiority over the two prominent market frontrunners, Bitcoin (BTC) and Ethereum (ETH), with a notable margin of 10.81% and 10.82%, respectively during the most recent trading session. Consequently, the value of 1 OP reached 0.00005006 BTC and 0.0007825 ETH, solidifying its position as a formidable contender in the cryptocurrency market.
The altcoin achieved a peak of $1.60 within 24 hours, although it has since experienced a minor decline and is currently being traded at its current level. Nonetheless, OP is trading closer to its highest point of the day than its lowest point of $1.38.
In the last 24 hours, the OP surpassed the significant resistance level of $1.478 and has maintained its position above the crucial price point during this update. Should the current bullish trend persist, there is a possibility that the altcoin’s price will strive to convert the subsequent major resistance level at $1.557 into a supportive level within the next 48 hours.
Based on technical analysis, the indicators indicate that the OP is currently experiencing a bullish trend in the medium term, as evidenced by the 9-day Exponential Moving Average (EMA) line being positioned above the 20-day EMA line. Additionally, both indicators are favorably positioned above the important 50-day EMA line, further supporting the bullish sentiment.
Should the price of OP drop below the recently established support level of $1.478 within the next 24-48 hours, it would negate the bullish thesis. In such a situation, the cryptocurrency’s price could decline further, reaching as low as $1.434 in the subsequent days.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
