Optimism (OP) caught a rapid rise as of today and hit $2.21. OP, which made its investors happy by rising during the fluctuations in the markets, showed a 90 percent increase in its 24-hour volume. So why did the OP get so high?
The OP/USD pair faced a resistance at $2.13, but it was able to break through to $2.21. Then the OP fell to $2.09 and thus saw his ATH. Although it dropped after its ATH, it was among the day’s risers.
OP Psychological Resistance Trades Above $2
As seen in the daily price analysis, OP experienced a bullish rise, rising 24 percent in the last 24 hours. As of the time of writing, OP is trading at $2. Its 24-hour volume increased by 90 percent, reaching $872 million, placing it in 82nd place in trading volume.
The OP is trading higher than the $1.66 indicated by the SMA 50 indicator as the daily average has been highly bullish since July 18, 2022. Also, looking at the daily chart, Bolinger Bands average $1.16. Bolinger’s upper band shows the strongest upper resistance at $2.16 and the lower band at $0.17. The RSI is overbought at 76. It may take two to three days for the OP to correct before it starts rising again.
Why Is Optimism (OP) Rising?
Announcing its own GameFi project recently, Optimism has managed to attract attention by increasing the number of players. In order to progress in the game, OP must be used in the sales of land and equipment to be made in the game, users have to buy OP. The rise in price and increased market volume also further fuels the OP’s rise.
Finally, the OP/USD trend is bullish for the day as the bulls try to explore new ground. Since the price is in the $2 band, it is possible to say that the OP has been performing well since last week. It is worth noting that the selling pressure is high at the current levels. It may also take a few more days for the OP to fix as the selling pressure continues.
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