Optimism Price Bloats 25% – OP Seen Ballooning In Coming Days
August 06 2022 - 2:20AM
NEWSBTC
Optimism price registered a spike of 25% after its opening at
$1.9890. The OP/USD pair currently trades at $1.9510, with a high
of $2.2150 and a low of $1.9390. The current price movement
of Optimism is going with the flow as far as the Ethereum layer-2
protocol is concerned. It makes use of rollups that enable quicker
and low-cost Ethereum transactions. OP Labs of Optimism protocol
has announced this week that the planned update will happen this
quarter 4 of 2022. And when that happens, this will be a
game-changer. Early Friday, OP has spiked by 11.43% and the
sentiments show that it will escalate further. But, the coin was
not able to keep up and dropped by 1.59% overnight. As the demand
for Optimism increases, the coin’s bullish recovery also continues.
The value of OP has risen to $2.2 which is the highest it has been
since June 1, 2022. At present, the coin is now valued at $500
million as it increased by more than 421% from its all-time low.
Related Reading: Shiba Inu Displays Surprising Price Movement – Can
SHIB Ditch The Flatline? What Is Optimism? Optimism has a very
ambitious goal as it seeks to solve a lot of Ethereum’s issues. It
aims to speed up and also lower the costs of Ethereum transactions
by enabling optimistic rollup. In the development of layer-two
solutions geared for Ethereum, the network is looking to keep it
minimal. Optimism wants to dispel the complexity and speed up
Ethereum transactions. The Optimism Foundation is on top of the
project and governs the OP token that is used for voting on
governance proposals. On July 25, OP Labs launched Drippie that is
native to Ethereum that aims to solve many pain points when it
comes to blockchain automations. Chart: TradingView.com Optimism
Sees Spike In Investor Interest Optimism price is on a surge due to
the increase in investor interest and positive sentiment around the
network’s recovery. More so, its TVL has also targeted a new high
and there is also that increased fear of missing out (FOMO). Many
people are optimistic that the bull run will continue especially
after it has spiked by more than 400%. Investors are looking for
another ATH or a price increase. More so, buyers are also excited
with Optimism outpacing Polygon which currently has a TVL of more
than $1 billion. The OP/USDT pair is beginning to recover as it
skyrocketed above 38.2% following the Fibonacci retracement level
that stretches at $1.389. Currently, the pair is trading at $1.891
and resistance at $1.700. A dip below this figure will pump up the
selling trend until it reaches $1.389. Related Reading: SOL Loses
$40 After The Exploit – What’s The Next Support? Crypto total
market cap at $1.07 trillion on the daily chart | Source:
TradingView.com Featured image from Crypto News, chart from
TradingView.com
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