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Optimism price was largely unbothered by a widespread retracement in the crypto market mid-through the week’s trading. Bitcoin price retraced from highs around $23k, testing support at $22,000. Similarly, the largest smart contracts token, Ethereum led other altcoins in slowing down a three-week aggressive push by the bulls.
OP, on the other hand, joined explosive altcoins like Aptos (APT) to reach new all-time highs. As reported earlier, APT is on the way to tagging $20.00 for the first time and the rally is unlikely to stop there, especially with the fear of missing out (FOMO) set to come into play.
After another 24% spike in 24 hours, Optimism is trading at $2.43, approximately 3.6% from its new record high of $2.50 on January 25. Investors continue to reap big, with OP extending the leg 498% above its all-time low of $0.40 on June 18, 2022.
OP price has slipped from an all-time high, possibly due to profit booking activities. Investors who missed the upswing may want to hold onto their money until Optimism price breaks above a crucial resistance at $2.50. Besides, there is a glaring possibility of a retracement that will allow sidelined investors to catch the trend, while OP collects more liquidity.
The Stochastic oscillator shines a light on the extremely overbought conditions, which could entertain the risk of a pullback before bulls push for the resumption of the rally. It is worth it that investors keep in mind support at $2.00, as highlighted by the lower yellow band.
If the overhead pressure mounting on Optimism price due to excessive profiteering overwhelms the bullish momentum, investors would be looking to the upper falling trendline for support around $1.75. Moreover, the 50-day Exponential Moving Average (EMA) is coming up to reinforce the buyer congestion at $1.50.
On the upside, Optimism price will need to break and hold above $2.50 – the upper yellow band to affirm the bullish grip while setting the pace for the next move to $3.00.
What’s Holding Optimism Price Rally Intact?
Optimism price is trading above all the major moving averages applied on the daily timeframe chart. The 50-day EMA (in red) formed a golden cross pattern as it crossed above the 200-day EMA (in purple); a situation likely to pique the bulls’ interest for more gains.
On other hand, support at $2.00 has the potential to absorb the selling pressure emanating from profit-taking activities. The area will also give already sidelined buyers an opportunity to buy OP and take advantage of the expected upswing to $3.00.
Investors appear to have turned their attention to up-and-coming layer 2 blockchains like Optimism. Over the last few weeks, the protocol’s on-chain activity has exploded, implying that the industry is keen on blockchain as a service (BaaS) feature.
Interest in Optimism has grown at an alarming rate, considering at some point, the network processed over 800,000 transactions in 24 hours. These transactions combined with those from Arbitrum surpassed the Ethereum mainnet.
According to Investing.com, over the previous month, optimism experienced several notable increases in daily active addresses. On December 22, more than 110,000 addresses participated in transactions on optimism. Although the number then dipped to approximately 80,000, it was still notably higher than that of Arbitrum.
Furthermore, Optimism may continue attracting high investor interest ahead of the expected second airdrop. The first airdrop occurred last year and had a positive impact on Optimism price.
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Source: https://insidebitcoins.com/news/optimism-price-blasts-24-to-new-all-time-highs-at-2-50-how-high-can-op-go