{"id":548646,"date":"2023-08-24T08:30:17","date_gmt":"2023-08-24T08:30:17","guid":{"rendered":"https:\/\/wncen.com\/?p=548646"},"modified":"2024-06-11T14:28:42","modified_gmt":"2024-06-11T14:28:42","slug":"optimism-reverses-from-range-low","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/optimism-reverses-from-range-low\/","title":{"rendered":"Optimism Reverses From Range Low With 10% Gain \u2013 How Far Can Bulls Go?"},"content":{"rendered":"

Optimism (OP) is proving to be a beacon of stability amidst the tumultuous fluctuations of the cryptocurrency market, particularly Bitcoin (BTC). While Bitcoin’s price swings have left investors on edge, Optimism’s weekly rally seems poised to extend its resilience.<\/span><\/p>\n

The cryptocurrency’s price trajectory has demonstrated a notable rebound, bouncing back from its range-low of $1.41. This steadfast performance has entrenched Optimism within a trading range bordered by $1.80 at the upper limit and $1.41 at the lower threshold.\u00a0<\/span><\/p>\n

As bulls and bears lock horns in a battle for supremacy, the question looms: who will emerge victorious?<\/span><\/p>\n

Related Reading: Solana In Turbulence: Analyzing The Death Cross And What Lies Ahead<\/a><\/div>\n

OP Bulls Eye $1.8 Resistance As Momentum Grows<\/strong><\/h2>\n

As of the latest update, OP is priced at $1.57 according to <\/span>CoinGecko<\/span><\/a>, reflecting a slight 0.8% decline over the past 24 hours. However, the coin managed to register an impressive 10% increase in the last week.<\/span><\/p>\n

\"\"<\/p>\n

Optimism price action today. Source: Coingecko<\/a><\/pre>\n
The momentum appears to favor the bullish contingent, as they prepare for a renewed assault on the formidable $1.8 resistance. A glimpse into historical data suggests that the bulls’ determination might yield success in their second attempt.\u00a0<\/span><\/p>\n
<\/p>\n
OP market cap at $1.1 billion. Chart: TradingView.com<\/a><\/pre>\n
According to this <\/span>price analysis<\/span><\/a>, favorable outcomes could propel Optimism towards take-profit levels ranging from $2.1 to $2.3. Investors and analysts are keenly observing this showdown, ready to gauge whether Optimism’s resilience will once again hold strong against market turbulence.<\/span><\/p>\n
Related Reading: Polygon (MATIC) At June Lows Again \u2013 Prospects For Bullish Recovery?<\/a><\/p>\n
However, the coin’s fate is by no means set in stone. A faltering attempt to breach the $1.8 resistance would spell an extension of the range-bound pattern, giving the bears an opportunity to regain dominance by targeting the critical $1.41 support.\u00a0<\/span><\/p>\n
\"\"<\/h2>\n
Optimism seven-day price movement. Source: CoinMarketCap<\/a><\/pre>\n
Network Growth Amidst Challenges<\/strong><\/h2>\n
Amidst these price fluctuations, Optimism has been strategically focusing on enhancing its network growth. A <\/span>separate report<\/span><\/a> reveals a remarkable upswing, with a 47% surge in daily transactions since mid-July. <\/span><\/p>\n
Moreover, the count of daily active addresses within the Optimism ecosystem has surged by an impressive 28% over the past month. This steady expansion indicates a growing user base and heightened engagement, boding well for the platform’s future prospects.<\/span><\/p>\n
However, recent concerns have cast a shadow over Optimism’s growth trajectory. The exploit of Exactly Protocol, a credit market operating on the Optimism network, has sparked worry among investors. This incident serves as a reminder of the challenges that even robust platforms face in a landscape characterized by innovation and risk.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from Turbo and Stance<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Optimism (OP) is proving to be a beacon of stability amidst the tumultuous fluctuations of the cryptocurrency market, particularly Bitcoin (BTC). While Bitcoin’s price swings have left investors on edge, Optimism’s weekly rally seems poised to extend its resilience. The cryptocurrency’s price trajectory has demonstrated a notable rebound, bouncing back from its range-low of $1.41. This steadfast performance has entrenched Optimism within a trading range bordered by $1.80 at the upper limit and $1.41 at the lower threshold.\u00a0 As bulls and bears lock horns in a battle for supremacy, the question looms: who will emerge victorious? Related Reading: Solana In Turbulence: Analyzing The Death Cross And What Lies Ahead OP Bulls Eye $1.8 Resistance As Momentum Grows As of the latest update, OP is priced at $1.57 according to CoinGecko, reflecting a slight 0.8% decline over the past 24 hours. However, the coin managed to register an impressive 10% increase in the last week. Optimism price action today. Source: Coingecko The momentum appears to favor the bullish contingent, as they prepare for a renewed assault on the formidable $1.8 resistance. A glimpse into historical data suggests that the bulls’ determination might yield success in their second attempt.\u00a0 OP market cap at $1.1 billion. Chart: TradingView.com According to this price analysis, favorable outcomes could propel Optimism towards take-profit levels ranging from $2.1 to $2.3. Investors and analysts are keenly observing this showdown, ready to gauge whether Optimism’s resilience will once again hold strong against market turbulence. Related Reading: Polygon (MATIC) At June Lows Again \u2013 Prospects For Bullish Recovery? However, the coin’s fate is by no means set in stone. A faltering attempt to breach the $1.8 resistance would spell an extension of the range-bound pattern, giving the bears an opportunity to regain dominance by targeting the critical $1.41 support.\u00a0 Optimism seven-day price movement. Source: CoinMarketCap Network Growth Amidst Challenges Amidst these price fluctuations, Optimism has been strategically focusing on enhancing its network growth. A separate report reveals a remarkable upswing, with a 47% surge in daily transactions since mid-July. Moreover, the count of daily active addresses within the Optimism ecosystem has surged by an impressive 28% over the past month. This steady expansion indicates a growing user base and heightened engagement, boding well for the platform’s future prospects. However, recent concerns have cast a shadow over Optimism’s growth trajectory. The exploit of Exactly Protocol, a credit market operating on the Optimism network, has sparked worry among investors. This incident serves as a reminder of the challenges that even robust platforms face in a landscape characterized by innovation and risk. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Turbo and Stance<\/p>\n","protected":false},"author":557,"featured_media":548652,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,3],"tags":[142,1144,8686,86529,11738,4735],"class_list":["post-548646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-news","tag-altcoins","tag-btcusd","tag-ethusd","tag-op-price","tag-optimism","tag-price-action"],"acf":[],"yoast_head":"\nOptimism Reverses From Range Low, Gains 10%<\/title>\n<meta name=\"description\" content=\"Optimism (OP) is proving to be a beacon of stability amidst the tumultuous fluctuations of the cryptocurrency market, particularly Bitcoin (BTC). 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Optimism Reverses From Range Low With 10% Gain \u2013 How Far Can Bulls Go?","url":"http:\/\/wncen.com\/news\/optimism-reverses-from-range-low\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/optimism-reverses-from-range-low\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-139.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-139.png?fit=755%2C381"},"articleSection":"All","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","btcusd","ethusd","op price","optimism","price action"],"dateCreated":"2023-08-24T08:30:17Z","datePublished":"2023-08-24T08:30:17Z","dateModified":"2024-06-11T14:28:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Optimism Reverses From Range Low With 10% Gain \\u2013 How Far Can Bulls Go?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/optimism-reverses-from-range-low\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/optimism-reverses-from-range-low\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-139.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-139.png?fit=755%2C381\"},\"articleSection\":\"All\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"btcusd\",\"ethusd\",\"op price\",\"optimism\",\"price action\"],\"dateCreated\":\"2023-08-24T08:30:17Z\",\"datePublished\":\"2023-08-24T08:30:17Z\",\"dateModified\":\"2024-06-11T14:28:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-139.png?fit=755%2C381","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=548646"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548646\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548652"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=548646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=548646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=548646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}