![]() The post Whales steadily accumulate Optimism despite OP’s recovery challenges appeared first on Invezz. Nonetheless, savvy investors trust long-term goals pay in the crypto space, and accumulation by dip-pocketed investors show faith in potential future surges. Thus, individuals looking to benefit from moves by whales should consider how these short-term investors perform. Optimism has seen short-term traders increase by 8% within the last month, making OP susceptible to price dips amid unexpected selling. That can challenge OP before recording the expected surge. However, the altcoin experienced an uptick in short-term traders (players who hold crypto for not more than a month). Tuesday’s blog post shows the platform’s developer OP Labs launched the first fault-proof testnet, eyeing more decentralization. The chart below shows that the total amount of OP… /S7iMrQ3mEZįurthermore, Optimism Network continues to build in pursuit of decentralization. Increasing holders and whale accumulation One of the highest scores of the projects I have researched in the last weeks. Santiment data shows wallets holding 10,000 – 10 million OP tokens have steadily accumulated. While Optimism struggled with bearishness over the past months, crypto whales took the situation as an opportunity to stack more coins. A decisive climb past $1.3 would annul Optimism’s bearish outlook. ![]() However, a rebound from $1.06 would trigger recoveries for the altcoin, possibly pushing OP past its significant resistances. Failure to retain this foothold might catalyze devastating plunges for Optimism. These conditions can attract bearish moves to $1.06. Moreover, the Relative Strength Index swayed under the 50-neutral level, making OP susceptible to continued dips. Further, the current confluence of the 50-day EMA and the $1.36 resistance confirm it could be challenging for Optimism to overcome its downside stance. Investing in or trading crypto assets comes with a risk of financial loss.Technical indicators suggest upside challenges for the crypto as it stayed beneath the 50-day, 100-day, and 200-day EMAs throughout September. Optimism responded to the criticism in a forum post saying that a token distribution chart on Optimism’s website was an example, for illustration only, and not exact. The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. ![]() Support levels : $1.925 and $1.406 Disclaimer Therefore, Traders may look for buying opportunities near to the day 50 day EMA retracement for getting the better risk reward ratio by keeping the $1.000 mark as SL. However, the prices are near to the all time high and prices might enter into short term consolidation before deciding the further direction. The Optimism price is hitting the all time highs which shows that the aggressive bulls are confident about their bet and expecting more upward momentum in coming days. The MACD had generated a positive crossover indicating the bullishness in the prices and the RSI at 70 near to the overbought zone. Optimism is -0.5 in the last 24 hours. On the lower side, if any correction triggers from the supply zone then $1.925 and $1.406 will act as support levels for the bulls. The live Optimism price today is 1.5232 with a 24-hour trading volume of 106,787,423.7. The technical indicators of the Optimism token has turned bullish and if the market sentiment remains positive then the probability of the continuing the upside movement increases in the favor of bulls and investors may look for the buy on dips opportunities by keeping a small stop loss below the support levels. ![]() However, the bulls should remain careful because prices are near to all time high and might face rejection from the $3.000 mark. Meanwhile, The OP token bulls has succeeded in keeping the price above the 50 and 200 day EMA which indicates that the positional trend is in the favor of bulls and prices are likely to trade with bullish bias in the coming months.The volume bars also surges to the highest level which shows that some genuine buyers taken long positions and expecting more upward movement. Recently, OP prices had breakout of the $2.00 hurdle level which has triggered the positive momentum and prices shot up 45% in the short span of time and also hit an all time high at $2.816. On a daily time frame, Optimism crypto price is highly bullish and rising upward by forming higher high swings. Source : OP/USDT daily chart by Tradingview
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