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- 1 The overall structure is bullish as OP crypto is making higher highs and higher lows.
- 2 The OP crypto asset is displaying bullish characteristics as MACD is about to show a bullish cross.
Optimism (OP) is a layer-two network (L-2) that follows Ethereum and creates decentralized apps (dApps) swift, affordable, and more adaptable.
It does this by a technique called optimistic rollups, which allows dApps to transfer some of their computation and data to another layer while remaining secure and decentralized.
This technique enables low-cost, near-instant Ethereum transactions by joining many transactions into one and processing them on the Optimism layer, with the data sent back to the main Ethereum network.
Optimism objects to avail the minimum number of parts while building a layer-two solution for Ethereum. It means using proven Ethereum code and infrastructure when feasible.
Optimism also aims to keep its code as simple as possible and work directly with existing codebases.
Optimism utilizes optimistic rollups. Optimistic Rollups (ORs) can store transactions on the second-layer blockchain without relying on anyone and send periodic merkle roots of the transactions to the first-layer blockchain.
External validators authenticate these merkle roots, which makes taking out funds from layer-twos using optimistic roll-ups take longer.
Optimism Crypto Is In Range, which Side Will It Break?
The OP asset is expressing bullish behavior and shows that it has the opportunity to increase further. It has attained good performance in the last week, month, and three months, by 13.94%, 73.42%, and 233.59% respectively, implying a stable upward direction.
At the time of publishing, the OP crypto indicates that it is close to the weak high and is pushing hard to stay close to the high around $4. Moreover, the CMP is at $3.51 with an intraday surge of 5.67%, and the overall structure is bullish as OP crypto is making higher highs and higher lows.
Therefore, if the demand for the OP increases drastically, the asset price could bounce back from the current level and could surpass the weak high as well. Then, the next goal for the price could is to reach $5.00.
On the flip side, if the plan swaps and rather of buyers, the sellers start to surge. Then the price could slump and reach the nearest support which is at $3.00 and below that the market will show a bearish change of character and the market trend might surpass downward.
Over the daily time frame, the price is above the 20, 50, 100, and 200-Day EMAs.
The Optimism crypto asset is displaying bullish characteristics as MACD is about to show a bullish cross and the RSI is rising smoothly, implying that the asset is gaining momentum and can achieve new peaks.
Summary
Observing the major trend exponential moving averages, it shows that, over the daily time frame, the price is above the 20, 50, 100, and 200-Day EMAs.
The OP crypto asset is displaying bullish characteristics as MACD is about to show a bullish cross and the RSI is rising smoothly, implying that the asset is gaining momentum and can achieve new peaks.
Therefore, if the demand for the OP increases drastically, the asset price could bounce back from the current level and could surpass the weak high as well. Then, the next goal for the price could be is to reach $5.00.
Technical Levels
Support Levels: $3.00
Resistance Levels: $5.00
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
