{"id":632191,"date":"2024-07-30T09:00:03","date_gmt":"2024-07-30T09:00:03","guid":{"rendered":"https:\/\/wncen.com\/?p=632191"},"modified":"2024-07-30T08:50:29","modified_gmt":"2024-07-30T08:50:29","slug":"optimism-drops-12-should-investors-still-be-optimistic-these-metrics-say-yes","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/optimism-drops-12-should-investors-still-be-optimistic-these-metrics-say-yes\/","title":{"rendered":"Optimism Drops 12%: Should Investors Still Be Optimistic? These Metrics Say Yes"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Optimism has been seeing bearish action since the start of this month. But this week, it has been much worse for investors and traders. According to <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/optimism\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Coingecko<\/span><\/a><span style=\"font-weight: 400\">, the token is down more than 12% since last week.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin-on-fire-20-surge-in-3-weeks-teases-record-breaking-potential\/\" target=\"_blank\" rel=\"noopener \">Bitcoin On Fire: 20% Surge In 3 Weeks Teases Record-Breaking Potential<\/a><\/div>\n<p><span style=\"font-weight: 400\">With a market correction underway, more pain can come to all portfolios carrying OP. However, there are several reasons why investors and traders should still be on board with Optimism.<\/span><\/p>\n<h2><strong>Growing On-chain Use By An Expanding Userbase<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Price-wise, OP looks like a hard bargain after a month of hard-battering by the bears. However, on-chain data looks vastly different.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-632192\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/a_6692ea.png?resize=564%2C339\" alt=\"\" width=\"564\" height=\"339\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/a_6692ea.png?w=564 564w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/a_6692ea.png?w=460 460w\" sizes=\"auto, (max-width: 564px) 100vw, 564px\"><\/p>\n<p><span style=\"font-weight: 400\">According to data tracked by Nansen, on-chain growth is booming for Optimism. The platform\u2019s growth as the self-named \u201cSuperchain\u201d on Ethereum is working as active addresses continue to ramp up along with transactions, indicating chain-wide usage across its different constituent chains.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The platform has also announced several events that potentially impacted this on-chain growth.<\/span><\/p>\n<figure style=\"width: 1835px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/XGlDRE5c\/\" width=\"1835\" height=\"883\"><figcaption class=\"wp-caption-text\">Optimism market cap currently at $1.9 billion. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Optimism is <\/span><a href=\"https:\/\/x.com\/Optimism\/status\/33159768\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">hosting<\/span><\/a><span style=\"font-weight: 400\"> a chain-wise hackathon tomorrow, July 31, contributing to this sudden increase in active addresses on the platform. This should offset any shift in investor confidence as it paints Optimism positively: a platform worthy of development with the support of a growing community.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udfe1\u26aa\ufe0fSuperhack is a Superchain wide hackathon. \ud83d\udd35\ud83d\udd34<\/p>\n<p>Sign up and check out bounties from teams like <a href=\"https:\/\/twitter.com\/worldcoin?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@worldcoin<\/a> <a href=\"https:\/\/twitter.com\/base?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@base<\/a> <a href=\"https:\/\/twitter.com\/modenetwork?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@modenetwork<\/a> <a href=\"https:\/\/twitter.com\/Celo?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Celo<\/a> and more!<\/p>\n<p>Details via link in <a href=\"https:\/\/twitter.com\/ETHGlobal?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@ETHGlobal<\/a>&#8216;s bio.<br \/>\nApply before July 31. <a href=\"https:\/\/t.co\/EBsgKWk9Z2\" rel=\"nofollow\">https:\/\/t.co\/EBsgKWk9Z2<\/a><\/p>\n<p>\u2014 Optimism (@Optimism) <a href=\"https:\/\/twitter.com\/Optimism\/status\/33159768?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 26, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">The organization also <\/span><a href=\"https:\/\/x.com\/Optimism\/status\/38522176\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">announced<\/span><\/a><span style=\"font-weight: 400\"> the next Retro Funding round which will reward projects based on three categories: Ethereum core contributions, OP stack research and development, and OP stack tooling. The reward for the event will be 8 million OP tokens which will further help the winning projects increase their impact on-chain.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/search?q=%24OP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$OP<\/a><\/p>\n<p>PUMP THIS SHIT <a href=\"https:\/\/t.co\/jySc2uxBnI\" rel=\"nofollow\">pic.twitter.com\/jySc2uxBnI<\/a><\/p>\n<p>\u2014 ProfessorAstrones (@Astrones2) <a href=\"https:\/\/twitter.com\/Astrones2\/status\/38298038?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 24, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">These metrics contribute to a stronger bullish sentiment among analysts like X user <\/span><a href=\"https:\/\/x.com\/Astrones2\/status\/38298038\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Professor Astrones<\/span><\/a><span style=\"font-weight: 400\">, showing support for OP as he shows that the token has broken through the downward trend it has followed since early this year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Although confidence in the platform and token is still high, some things have to happen to OP to see green once more.<\/span><\/p>\n<h2><strong>Bulls Should Wait For The Perfect Timing<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">As of writing, OP bulls have a perfect and stable platform for a rocket upwards, and it should be noted that $1.694 is the long-term support level for this movement.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-632194\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/bb.png?resize=564%2C249\" alt=\"\" width=\"564\" height=\"249\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/bb.png?w=564 564w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/bb.png?w=460 460w\" sizes=\"auto, (max-width: 564px) 100vw, 564px\"><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/all-time-highs-ahead-dogwifhat-wif-poised-for-big-growth-analyst\/\" target=\"_blank\" rel=\"noopener \">All-Time Highs Ahead? Dogwifhat (WIF) Poised For Big Growth \u2014 Analyst<\/a><\/div>\n<p><span style=\"font-weight: 400\">However, its high correlation with Ethereum leaves much to be desired. Bitcoin and Ethereum move in sync, meaning if one experiences pain, the other drops too. OP\u2019s indirect correlation with Bitcoin will have a big impact on how the token moves soon.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">With the current market correction, investors and traders should lower their expectations of a breakout in the coming days. However, the strong support on $1.694 gives bulls a stable platform to launch upward.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Should the bulls lose this position, expect more pain within the coming days or weeks. But if the level is held strongly $2.331 will be the target level for the bulls.\u00a0<\/span><\/p>\n<p><em>Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Optimism has been seeing bearish action since the start of this month. But this week, it has been much worse for investors and traders. According to Coingecko, the token is down more than 12% since last week.\u00a0 Related Reading: Bitcoin On Fire: 20% Surge In 3 Weeks Teases Record-Breaking Potential With a market correction underway, more pain can come to all portfolios carrying OP. However, there are several reasons why investors and traders should still be on board with Optimism. Growing On-chain Use By An Expanding Userbase Price-wise, OP looks like a hard bargain after a month of hard-battering by the bears. However, on-chain data looks vastly different.\u00a0 According to data tracked by Nansen, on-chain growth is booming for Optimism. The platform\u2019s growth as the self-named \u201cSuperchain\u201d on Ethereum is working as active addresses continue to ramp up along with transactions, indicating chain-wide usage across its different constituent chains.\u00a0 The platform has also announced several events that potentially impacted this on-chain growth. Optimism is hosting a chain-wise hackathon tomorrow, July 31, contributing to this sudden increase in active addresses on the platform. This should offset any shift in investor confidence as it paints Optimism positively: a platform worthy of development with the support of a growing community.\u00a0 \ud83d\udfe1\u26aa\ufe0fSuperhack is a Superchain wide hackathon. \ud83d\udd35\ud83d\udd34 Sign up and check out bounties from teams like @worldcoin @base @modenetwork @Celo and more! Details via link in @ETHGlobal&#8216;s bio. Apply before July 31. https:\/\/t.co\/EBsgKWk9Z2 \u2014 Optimism (@Optimism) July 26, 2024 The organization also announced the next Retro Funding round which will reward projects based on three categories: Ethereum core contributions, OP stack research and development, and OP stack tooling. The reward for the event will be 8 million OP tokens which will further help the winning projects increase their impact on-chain.\u00a0 $OP PUMP THIS SHIT pic.twitter.com\/jySc2uxBnI \u2014 ProfessorAstrones (@Astrones2) July 24, 2024 These metrics contribute to a stronger bullish sentiment among analysts like X user Professor Astrones, showing support for OP as he shows that the token has broken through the downward trend it has followed since early this year.\u00a0 Although confidence in the platform and token is still high, some things have to happen to OP to see green once more. Bulls Should Wait For The Perfect Timing As of writing, OP bulls have a perfect and stable platform for a rocket upwards, and it should be noted that $1.694 is the long-term support level for this movement. Related Reading: All-Time Highs Ahead? Dogwifhat (WIF) Poised For Big Growth \u2014 Analyst However, its high correlation with Ethereum leaves much to be desired. Bitcoin and Ethereum move in sync, meaning if one experiences pain, the other drops too. OP\u2019s indirect correlation with Bitcoin will have a big impact on how the token moves soon.\u00a0 With the current market correction, investors and traders should lower their expectations of a breakout in the coming days. However, the strong support on $1.694 gives bulls a stable platform to launch upward.\u00a0 Should the bulls lose this position, expect more pain within the coming days or weeks. But if the level is held strongly $2.331 will be the target level for the bulls.\u00a0 Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":632208,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,428,6664,83767,86072,11738],"class_list":["post-632191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-bitcoin","tag-crypto","tag-meme-coins","tag-op","tag-optimism"],"acf":[],"yoast_head":"\n<title>Optimism Drops 12%: Should Investors Still Be Optimistic?<\/title>\n<meta name=\"description\" content=\"Optimism has been seeing bearish action since the start of this month. But this week, it has been much worse for investors and traders. 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