- Optimism breaks key resistance with bullish momentum, setting sights on a potential $3 rally soon.
- Network adoption spikes with active addresses surging 16.7%, signaling strong demand for Optimism.
As a seasoned crypto investor with a knack for spotting trends and reading market signals, I’ve seen my fair share of rollercoaster rides in this space. But the latest move by Optimism (OP) has me feeling quite optimistic indeed!
Optimism [OP] has successfully surged past its long-standing resistance zone of $1.80–$1.90, a barrier that held firm for over 150 days. The breakout, supported by strong trading volume and bullish momentum, signals growing interest in the asset.
At the moment of publication, OP had climbed up to $2.28, but there’s an anticipation of a minor market adjustment, possibly resulting in temporary drops that could present chances for purchasing more at lower prices.
Breakout above $1.80–$1.90 resistance
During Optimism’s consolidation period, the $1.80 to $1.90 zone acted as a significant barrier for price movement. Overcoming this barrier suggests a change in investor sentiment and could initiate an upswing, potentially signaling the start of a positive trend.
This level had previously acted as a strong barrier, with buyers now showing renewed interest.
According to crypto expert Michael van de Poppe, the recent breakthrough seems to be propelling Optimism towards a positive trend. He made this assertion in his statement.
These adjustments, ranging from about $1.80 to $1.90, give another chance for potential changes before it might reach $3.
Based on historical patterns, these pullbacks frequently serve as a chance for prices to retest previous resistance levels, validating them as new support zones, after which the upward trend usually continues.
Path to $3.00 and beyond
The next major resistance for OP lies at $3.00, a level that could serve as a pivotal target for traders. If the $1.80–$1.90 zone holds during any correction, OP is expected to consolidate and gain momentum for another push higher.
Breaking above $3.00 could pave the way for sustained price growth in the medium term.
Data shows Optimism has a circulating supply of 1.3 billion tokens and a market capitalization of $2.87 billion. With a 24-hour trading volume of $796 million, OP has declined by 2.39% in the last 24 hours but remains up by 32.55% over the past seven days.
This recent surge highlights the growing market activity around the token.
On-chain data shows growing adoption
Information directly from IntoTheBlock indicates a consistent increase in on-chain activity. In the last week alone, approximately 2,840 new accounts have been added, boosting the total number of currently active accounts to about 16,370.
A decrease of 11.72% in the number of zero-balance addresses implies that dormant or inactive digital wallets are now becoming active and participating within the network.
This data suggests that more users are adopting Optimism’s Layer-2 blockchain and there is an escalating level of interaction among these users.
The growth in active addresses, which rose by 16.7% in the past week, indicates strong interest in the network’s potential.
Transaction volume reflects healthy network activity
The transaction volume for Optimism has displayed some fluctuations, yet it’s consistently strong. On average over the past week, it hovers around 212.62 million OP, having peaked at an impressive 271.01 million OP on November 22nd.
Realistic or not, here’s OP market cap in BTC’s terms
The lowest volume during this period was 148.75 million OP, logged on 25th November.
These changes hint at frequent transactions and network usage, implying that traders and users are interacting actively with the system as they respond to market fluctuations.
Read More
- GBP EUR PREDICTION
- SEI PREDICTION. SEI cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- CNY RUB PREDICTION
- POL PREDICTION. POL cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- HOOK PREDICTION. HOOK cryptocurrency
2024-11-27 16:39