Optimism (OP), one of the Ethereum layer-2 projects, is about to leave the market with an increase of nearly 13 percent.
The cryptocurrency market has been exhibiting downward activity lately. The support break on the Bitcoin (BTC) side dragged altcoins along with it. Altcoins fell more than 10 percent. The most noticeable cryptocurrency in the downward trend was Arbitrum (ARB). Arbitrum, an Ethereum layer-2 project, made other layer-2s wonder with its decline.
Ethereum layer-2 project Optimism (OP) experienced a rather slight decline, unlike ARB. OP increased by nearly 13 percent with strong purchases immediately afterwards. The Block pointed out that OP could have a big comeback.
Optimism (OP) analysis, can the rise happen?
Optimism (OP), one of the Ethereum layer-2 projects, exhibited a structure that differed from the market. OP recovered in a short time with an increase of nearly 13 percent.
The Block pointed out that the major cryptocurrencies in the industry experienced sharp declines. Separating OP from these cryptocurrencies, The Block pointed out that a big return could come for the layer-2 project.
Optimism, which has also partnered with Coinbase’s Base network, is expanding its project ecosystem with firm steps. Although the project progressed through exposure to the bear market, it managed to differentiate itself from the market.
The trading volume of the popular cryptocurrency has doubled with the recent rise and buybacks. OP’s transaction volume increased by 159 percent. In the last seven-day period, OP has been seen to have established sustainable growth and durable price structure.
OP managed to return from the support level in the $ 1.19 region with the recovery it experienced in a short time. This support point is very important for OP. The support point has worked as a buy zone on the daily chart, holding since June. OP’s rise revealed the intermediate band zone of $1.35 to $1.41. If OP maintains permanence in this region, it may want to touch the resistance at $ 1.82. With this contact, the bulls’ situation could push OP to the $2 level.
If OP experiences a retreat, the $1.19 support will play an important role. Breaking this support point could push OP to the $1 level.
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