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Information about Optimism (OP)
Optimism is a low-cost and lightning-fast Ethereum L2 blockchain. Optimism was born to solve one of the most challenging problems with the current Ethereum network: scalability and gas fees are too expensive for the average user. When the network is congested, gas fees will be pushed up to be able to write transactions to blocks.
In contrast, Optimism works in the form of Optimism Rollup, transactions are processed off-chain on Optimism, and the system will push data to Ethereum to check validity. In this way, Optimism supports processing for the Ethereum network and saves time, performance, and price for the end-user. And since transaction data is still pushed to Ethereum, the Optimism solution doesn't compromise on decentralization or security.
OP is a native token of the Optimism ecosystem, operating on Ethereum according to ERC20 standard, and can be used to:
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News
Optimism is demonstrating a bullish pattern, currently trading at 1.13 USD, with a breakout above 1.18 USD potentially leading to a 24% price surge. Whale accumulation and rising open interest suggest growing investor confidence.
With the key resistance identified at 1.19 USD and increased trading activity, OP could experience a significant bullish trend if it maintains trade above this level. Traders are advised to monitor the movement closely.
The head-and-shoulders pattern indicates a bearish outlook for Optimism [OP]. Current price trades at roughly 1.16 USD, with analysts cautioning against potential drops below 0.30 USD.
The breakdown of the critical support level at 1.40 USD raises alarms, directing attention to new support levels of 0.70 USD, 0.50 USD, 0.38 USD, and the significant threshold at 0.30 USD.
Market data indicates reduced user engagement, with active addresses down by 19.56%. Coupled with diminishing large trades, the overall sentiment is under pressure, prompting traders to closely monitor OP’s price action.
Optimism (OP) has formed a bearish head-and-shoulders pattern, indicating a price correction may be on the horizon. The coin is currently trading at 1.12 USD, backed by a recent increase of 5.34%. However, maintaining key support levels is essential as the market sentiment leans negative.
On-chain data shows a 0.87% decrease in network growth, reflecting reduced user activity. Moreover, 90.74% of OP addresses are ‘Out of the Money,’ which raises concerns of increased selling pressure if prices drop. Currently, the MVRV Long/Short Difference stands at -8.75%, indicating a bearish outlook.
OP trading volume is $119.36m. Market capitalization reaches $1.47b.
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