Optimism (OP) crypto has gone parabolic today achieving over a 20% increase in price over the last 24 trading hours. In the last 4 weeks Optimism crypto has rewarded early investors with up to a huge 444% mark up in price.
Currently Optimism crypto is trading at $1.93 as it slightly retraces from its euphoric high of $2.24. If we can consolidate around these levels we may see another impulse wave for Optimism crypto.
Will Optimism crypto pump further, or is the end of the rally for now?
Optimism Crypto (OP) Price Prediction 2022
Over the last few days Optimism crypto has certainly positioned itself in the spotlight for being one of the biggest altcoin pumpers. According to Coinmarketcap Optimism (OP) crypto is now rank #84 and has a market capital of $447 million.
The $0.40-$0.60 price levels proved to be an excellent accumulation range for traders or holders throughout the early stages of June and July 2022.
It comes with no surprise that there has been a slight retracement in the price here. Optimism crypto was forming a bearish divergence on the daily time frame and was over extended of its 20-day moving average.
Usually this is a sign that the price has moved too quickly as the sentiment flipped bullish and euphoric very quickly. Traders book in profits and the buyers at the top
At the moment Optimism has retraced to the 0.382 Fibonacci retracement level after losing the critical support level of $1.97. If we can consolidate at this particular level of support we might see continuation to the upside.
Op/Usdt – 4 Hour Time Frame.
If Optimism crypto cannot hold the $1.91 support range I would expect negative price momentum down towards the 0.5 Fibonacci retracement level of $1.80. So far optimism has corrected 15.7% from the top and I would not rule out another 15% correction from these levels either.
Op/Usdt – 4 Hour Time Frame.
From a technical analysis point of view it looks Optimism crypto may see a short-term bounce to $1.97. The relative strength index dipped below 30 which indicates it is oversold. This could reflect an attractive area for traders to enter long positions and holders to accumulate more.
I believe that Optimism has a bright future ahead and currently has a low market cap. We might see a market cap of $5-10 billion by the next crypto bull run, given enough valuable upgrades to the protocol. This could provide early investors with a potential 10-20x return.
Should things go really well for the remainder of 2022 the technical targets from the Fibonacci extension read as follows: $2.51, 2.64 and $2.82. Otherwise, I expect Optimism crypto to chop around between $1.20-2-20 price levels.
Optimism Crypto Video Analysis
What is Optimism (OP) Crypto?
Optimism (OP) crypto is a powerful Ethereum layer 2 blockchain which is super low-cost and lightning fast. Already Optimism crypto has achieved some key milestones such as $1b+ saved in gas fees, $800m+ on chain value and an impressive $1m donated to public goods.
As a layer 2 blockchain Optimism crypto benefits from increasing the security of the Ethereum mainnet. In addition to this Optimism crypto aids with the scalability of Ethereum ecosystem by utilizing optimistic rollups. Ultimately, this means all of the transactions are trustlessly recorded on Optimism but secured on Ethereum.
In my opinion Optimism crypto has 3 unique selling points for investors. The vision of Optimism surrounds 4 main missions. According to their website, this is simplicity, pragmatism, sustainability and unsurprisingly, optimism.
Optimism crypto strives to achieve the minimum number of mechanisms while building a complex layer 2 solution for Ethereum. Overall I am very bullish on the Optimism ecosystem and I think there will be a very bright future ahead.
Whilst Polygon (MATIC) is a competitor layer 2 blockchain for Ethereum I would describe the relationship between the two like Batman and Robin. I think Optimism crypto will surprise the crypto markets very much out of the blue which will lead to a rush of fomo.
I would speculate that we may even see Optimism (OP) crypto become one of the top 50 crypto coins by market capital by the next crypto bull run.
Optimism crypto (OP) is available on Binance and Coinbase.
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