- Optimism crypto price has advanced by 543% from its all-time low price.
- Less than 5% of the total crypto supply is in circulation.
Optimism is a layer-two platform on Ethereum, enhancing dApp scalability and accessibility via optimistic rollups. Introduced in June 2019, it launched an alpha mainnet in January 2021, supporting Ethereum Virtual Machine compatibility. OP enables dApp development for various sectors. It was founded by a US-based team led by Ethan Frey and James Ray and backed by venture capital.
The market cap of Optimism crypto is trading flat and has witnessed a slight advance of 4.05%in the last 24 hours. Despite this, the trading volume of the crypto witnessed a 7.01% decline to $205.795 Million.
The market cap value of the Optimism crypto is $2.695 Billion, which makes it the 46th largest cryptocurrency in the world. Also, the crypto’s volume/market cap ratio is 7.62%, which shows a good amount of liquidity in the crypto price.
The circulating supply of the crypto is 1.045 Billion OP, which is 24.34%of the maximum supply of the crypto. Also, the total crypto supply is 4.294 Billion OP, similar to the maximum crypto supply. Also, the fully diluted market cap of the crypto is $11.073 Billion.
The volatility of Optimism is very high, resulting in 19.12%, and the market cap dominance of crypto is 0.02%. Also, crypto sentiment is bullish, and the crypto fear and greed index index shows greed among investors.
Optimism Crypto Derivatives Analysis
The trading volume of crypto derivatives has declined 8.8% in the last 24 hours. This further results in a traded value of $240.96 Million. Furthermore, a higher long liquidation for Optimism was recorded in the previous 24 hours, valued at $100.78K.
Also, the short liquidation for the crypto is worth $27.43K, which shows the seller’s dominance.
Price Vs. Volume Of Optimism Crypto
The price of the Optimism crypto has declined over time, following the decline in the volume of the crypto. Furthermore, the volume of the crypto was at its peak when the price of the OP token was advancing.
OP Crypto Technical Analysis
The OP crypto price is reversing from the high volume activity zone drawn from the volume profile. The price further on the weekly chart has broken above the spinning top candle, presenting buyers’ dominance in the crypto price.
The crypto price trades inside an expanding rising wedge pattern and symptoms of further advance in the crypto trading price are showing.
OP/USD Chart by TradingView
The 50-day EMA is declining towards the 200-day EMA, while the following EMAs are trading in a golden cross. The crypto price further is trying to advance from the lower levels. If the price advances and breaks above the 50-day EMA, the crypto might enter an uptrend.
The MACD indicator is reversing from the lower levels as the MACD and the signal line have formed a bullish cross from the lower levels. The metrics of the MACD are further advancing from the lower levels, and if they break above the zero level, the price could enter an uptrend.
The RSI for the OP crypto is advancing to the higher levels from the oversold zones. It has broken above the 14-day SMA and needs to break above the level of 50 further for bullish momentum in the crypto price.
Summary
As Optimism crypto reverses from a high-volume activity zone, technical indicators signal a potential uptrend. With a bullish breakout from the expanding rising wedge pattern and a golden cross on EMAs, further price advancement is likely. The MACD indicates a strengthening uptrend, while the RSI suggests bullish momentum ahead.
Technical Levels:
- Support Levels: $0.900 and $1.90
- Resistance Levels: $3.350 and $4.70
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.