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- Optimism distributed 19 Million tokens in the third airdrop.
- OP coin is trading at $1.314, with a loss of 1.35% during the intraday session.
- The year-to-date return of OP price is 43.29%, and the three-month return is 11.45%.
Optimism, or OP cryptocurrency, is a layer two protocol on the Ethereum blockchain. Optimism offers speed and cost-efficiency, uncompromised security, and seamless compatibility. It can considerably amplify the TRS (transactions per second) matric, which makes the Ethereum network more efficient.
On September 2023, Optimism distributed 19 Million tokens to 31,000 unique addresses on the network during its 3rd airdrop. This time, it rewarded the only loyal Optimism users who entrusted their OP coins to participate in network governance.
The OP price surged approximately 250% at the start of 2023, from the support level of $0.90 towards the annual high of $3.30 resistance level. The price followed an uptrend while forming higher highs and lows. But after that, the price did not sustain and dropped towards the support level of $1.77. The sudden spike and fall reflect the high confluence of bears and bulls in that period.
Recently, the OP price has been hovering near the $1.3 level with a slight strength in the market, according to the weekly return of 2.82%. Moreover, it is trading at $1.314 while witnessing a loss of 1.35% during the intraday session. The current circulating supply is 880.44 Million OP.
In the higher timeframe, after the parabolic price drop from the resistance level of $2.20, the price faced difficulty sustaining higher levels. Thus, the OP price fluctuates with a high volatility in the market. However, currently, it is contesting for a 20-day EMA, and if Optimism attracts more buyers, then the price might retest the 50 and 100-day EMAs soon.
On the contrary, if the bears dominate the price in the upcoming time, then the price might hover below the major EMAs and may retest the psychological level of $1. In that case, traders should look for the opportunity of an up candle before a strong selloff.
Will Optimism Price Retest The $1 Mark?
The RSI trades below the 50-neutral zone, and the CMF is below the 0.00 mark since Oct 2, 2023. Meanwhile, the RSI and CMF are at 48.14 and -0.09, respectively. Thus indicating slight weakness and a rise in the participation of bears in the market. However, the weekly return suggests the price might bounce after forming strong support near $1.220.
Conclusion
Optimism cryptocurrency (OP/USDT) price is in a short-term pullback phase with a slight strength in the market. However, the technical and analyst ratings suggest the selling side.
Technical Levels
Major resistance: $3.210 and $3.300
Major support: $0.910 and $0.879
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
