Optimism (OP) Trading Volume Soars Amid Bullish Price Surge
17 Mai 2023 - 09:30PM
NEWSBTC
Optimism is trading in the green today, with its trading volume up
by over 54%. OP traded at $0.9231 on January 1, 2023, and peaked at
$3.0294 on February 7, close to its all-time high value of $4.5692.
Currently, OP is at the $1.6 price level as it seeks to consolidate
its gains, which is bullish. Also, the upcoming upgrade in June
might lead to an uptrend for the asset. Optimism (OP) Technical
Analysis OP price is in an uptrend today, forming a higher high on
the daily chart and moving up from the sideways trend of the last
few days. However, despite its positive price moves today, the
bears are still active in the market. OP is trading below its
50-day and 200-day Simple Moving Averages (SMA), a short and
long-term bearish sentiment. Also, it is in the lower region
of the Donchian channel, where it moved from its previous
downtrend. This is also a bearish sentiment for the asset. However,
it is not all bad for the digital asset as OP has formed four
consecutive green candles on the daily chart confirming that the
bulls are rallying once again in the market. OP has found strong
support at the $1.621 price level. It is approaching the $1.709
resistance level as the bulls mount pressure today. OP’s Relative
Strength Index (RSI) is at 35.47, close to the oversold region 30.
The RSI is moving upwards, indicating a potential bullish recovery
ahead. Related Reading: Shiba Inu Faces Tough Resistance, Risk Of
Uncharted Lows – Here’s Why A break above this resistance level
will see the asset reclaim the $1.903 price level in the coming
days. However, if another price decline occurs, the $1.544 support
will prove critical to sustaining its gains this year. Upcoming
Bedrock Upgrade The Optimism Mainnet Bedrock Upgrade will occur on
June 6, 2023, at 16:00 UTC. This upgrade is a community-based
decision by members holding governance tokens. The Optimism
Foundation released a schedule of events for the execution of this
upgrade from the announcement. The long-anticipated upgrade will
feature lower transaction fees, increased high network security,
and compatibility with Ethereum. Related Reading: Power Play: Top 5
Cryptos Set To Ignite The Week With Decent Gains It aims to reduce
delays on the network and cut deposit time from 10 minutes to 3
minutes. The OPlabs team announced a 2-4 hours downtime will occur
during the upgrade. Also, once the upgrade commences, deposits and
withdrawals on the legacy network will pause, and the smart
contracts on the Layer 1 (L1) will be upgraded. While the upgrade
does not guarantee a price increase, the improvements can boost
investors’ interest in the network. Also, Optimism’s price
performance this year is positive despite volatility. And the
upgrade and increased investor interest may help it surpass its
all-time high value. Featured image from Pixabay and chart from
Tradingview.com
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