- Whale deposits 1.04 million Optimism (OP) tokens to Binance.
- Whale sells some OP tokens due to apprehension regarding imminent OP unlock.
- OP’s value has steadily declined since April 19, 2023.
Lookonchain, a reputable blockchain tracking firm, has reported via Twitter that a significant deposit of Optimism (OP) has been made to Binance by a whale. The deposit in question amounts to a staggering 1.04 million OP, which translates to around $1.48 million. This news is a testament to the growing interest in the cryptocurrency market and the increasing adoption of blockchain technology.
Following a substantial deposit, the firm observed that the whale had incurred a loss by selling some OP tokens. Lookonchain speculated that the whale’s actions were motivated by apprehension regarding the imminent OP unlock, potentially leading to a significant influx of OP tokens being released within 24 hours.
According to CoinMarketCap, the current value of the altcoin stands at $1.47, reflecting a 3.62% decline in the past 24 hours. During this period, OP also experienced a slight dip against the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), with a decrease of 1.30% and 1.90%, respectively. Consequently, the value of 1 OP was equivalent to 0.00005426 BTC and 0.0007878 ETH.
According to the daily chart analysis of OP/USDT, the altcoin’s value has steadily declined since 19 April 2023. This downward trend has resulted in the altcoin breaking through two crucial support levels, effectively transforming them into resistance. The first support level breached was $2.399 on 21 April 2023. Subsequently, on 6 May 2023, OP’s price closed below $1.927.
As of the latest update, the cryptocurrency’s value was teetering just above the $1.362 support threshold. The 9-day EMA remained bearish, trailing behind the 20-day EMA, indicating a potential further dip in OP’s price within the next day. Nevertheless, the daily RSI line displayed a positive slope, offering a glimmer of hope. If it crosses the RSI SMA, OP could enter a bullish cycle.
If OP’s price surpasses the $1.362 threshold by the end of today’s trading session, it could break through the 9-day and 20-day EMA lines within the next 24-48 hours, resulting in a price point of approximately $1.722. However, if the price falls below $1.362, the altcoin’s value may be at risk of plummeting to just over $1 in the coming days. It’s important to monitor these market trends to make informed investment decisions closely.
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.
