OP Gains More Than 8% While the Majority of the Market Drops

• The price of Optimism (OP) increased more than 8% over the past 24 hours to trade at $1.51.
• This positive daily performance pushed the altcoin’s weekly performance up to +23.44%.
• Technical indicators suggested that OP may rise to $1.557 in the coming 48 hours.

Although most cryptocurrencies were trading in the red heading into the weekend, the same can not be said for Optimism (OP), however,  as it saw Optimism price rise by more than 8% over the past 24 hours alone. CoinMarketCap indicated that, at press time, the altcoin was worth about $1.51.

In addition to the price increase, OP’s 24-hour trading volume surged by more than 90% throughout the past day as well, which left it standing at $402,514,532 at press time. The crypto’s success over the past 24 hours also ended up pushing its weekly performance even further into the green to +23.44%.

Not only did OP strengthen against the Dollar, it was also able to outperform the two market leaders Bitcoin (BTC) and Ethereum (ETH) by 10.81% and 10.82% respectively over the past day of trading. As a result, 1 OP was worth 0.00005006 BTC and 0.0007825 ETH.

The altcoin was also able to reach a 24-hour high of $1.60, but had retraced slightly to trade at its current level. Nevertheless, OP was trading closer to its daily high than its daily low of $1.38.

OP was able to break above the strong resistance level at $1.478 over the past 24 hours and continued to trade above the key price point at press time. If the bullish momentum continues, the altcoin’s price may attempt to flip the next major resistance level at $1.557 into support in the upcoming 48 hours.

Technical indicators suggested that OP was in a medium-term bullish cycle with the 9-day EMA line positioned above the 20-day EMA line. Furthermore, both of these technical indicators were bullishly positioned above the significant 50-day EMA line.

If OP’s price breaks below the recently-flipped $1.478 level over the next 24-48 hours, then the bullish thesis will be invalidated. In this scenario, the crypto’s price may fall to as low as $1.434 in the following few days.

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