On Thursday, the Optimism price pumps another 25% after opening the day at $1.9890. The OP/USD pair is currently trading at $1.9510, having reached a high of $2.2150 and a low of $1.9390. Optimism’s current price movement follows several advancements concerning the Ethereum layer-2 scaling protocol.
It employs a technique known as rollups to allow faster and minimizes the prices of Ethereum transactions. OP Labs, the firm behind the Optimism protocol, said earlier this week that its planned Bedrock update will arrive as early as Q4 2022, “and when it does, it will revolutionize the roll-up game forever.”
Earlier today, OP has risen 11.43% today, and sentiments indicate it will increase further. However, the coin could not keep up with the gains and fell 1.59% in 24 hours. As the coin’s demand grows, the bullish recovery of the optimism price continues. As a result, the value of OP crypto increased to $2.2, its highest level since June 1, 2022. It is now worth more than $500 million on the market, having risen by more than 421% from its all-time low.
What is Optimism (OP)?
Optimism is a small but rapidly growing Layer-2 scaling option that aims to address some of Ethereum’s most pressing issues. It accelerates and reduces the cost of Ethereum transactions by utilizing cutting-edge data compression methods known as optimistic rollups. When developing a layer-two solution for Ethereum, the network strives for the fewest number of moving parts.
Optimism improves the effectiveness and speed of Ethereum transactions by keeping the codes as simple as possible. The Optimism Foundation manages the project and is governed by its token, abbreviated OP. Tokens are used on the network to vote on governance proposals.
Latest Development in Optimism
OP Labs launched its Drippie transaction system on July 25, describing it as an Ethereum-native, trust-minimized dependent transaction mechanism that attempts to solve problems with on-chain automation. If This Then That (IFTTT) is a programming Web2 service that can integrate different triggers such as “Kelvin sent a tweet” with actions such as “send me the tweet,” according to OP Labs, and is effectively an Ethereum-native version of Drippie.
On the DeFi side of things, the zeroDAO team launched a native BTC to RenBTC Bridge on the Optimism network on July 27, adding more Bitcoin support. In the future, there may be additional methods for expanding the ecosystem of bridged assets. Furthermore, last week saw the introduction of a new Optimism onboarding flow that allows all users to complete the quest and earn a free NFT from the Optimistic Explorer collection by following a step-by-step lesson.
Reasons for Optimism’s Price Increase
The price of Optimism is skyrocketing due to investor reaction to the ecosystem’s recovery. One is that its TVL has reached a new high. Synthetix, whose TVL increased by more than 60% in the previous 30 days, has been the market’s fastest growing company. Another factor driving up the price of OP cryptocurrency is the fear of missing out (FOMO).
Many people believe that the bullish trend will continue after it has increased by more than 400%. Investors expect a rise and another attempt at a record high. Buyers anticipate that It Optimism will grow and surpass Polygon, which has a TVL of more than $1 billion.
Optimism’s Daily Technical Levels
Support Resistance
1.636 2.252
1.282 2.514
1.020 2.868
Pivot Point: 1.898
Optimism Price Pumps Another 25% – Quick Technical Outlook
Leading indicators such as the RSI and MACD are pointing to an uptrend. In addition, the 50-day EMA line is supporting a buying trend. The OP/USD has closed a bearish candle with a long shadow on the daily timeframe, indicating a slight weakness in bullish power. This could be due to investors taking profits.
On the upside, the immediate resistance for OP is at $1.987. A surge in OP demand could pierce the $1.987 level, exposing the coin’s price to the $2.433 level. I believe that by the next crypto bull run, Optimism (OP) crypto will be one of the top 50 crypto coins by market capitalization.
Optimism crypto (OP) is available on Binance and Coinbase.
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