On Wednesday, the Layer-2 scaling solution has been flashing green; therefore, the native token Optimism (OP) pumps 103% in the last seven days. It’s outperforming several cryptocurrency assets that have seen price increases in recent weeks. The protocol’s ecosystem improved significantly this week, along with the price increase.
For instance, the L2 protocol recently unveiled its redesigned Optimism onboarding approach for novice and experienced crypto traders. Moreover, it also debuted $agEUR, the first stablecoin linked to the Euro.
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According to a tweet from OP Labs, the company also launched its transaction system called Drippie. Drippie, Optimism’s first product, is designed to address issues with on-chain activity automation. According to the company, the Drippie is a “native, trust-minimized conditional transaction mechanism for Ethereum.”
Aside from network development, the increase in Optimism (OP) Coin pricing could be attributed to the bullish cryptocurrency market, which frequently raises the value of all types of digital assets, including Optimism Coin.
Optimism (OP) Price Review
The current live Optimism price is $1.97, with a 24-hour trading volume of $444 million. In the last 24 hours, optimism has increased by 24.83%. With a live market capitalization of $392 million, the market of optimism is now ranked #98. There are 235 OP coins in circulation, with no information on the maximum supply.
The Positive Crypto Market
Since the start of the day, the cryptocurrency market has been flashing green as the world’s two largest crypto coins, BTC and ETH, extended their gains. During the week, the price of the most well-known cryptocurrency, Bitcoin, surpassed the $24,000 mark, as the entire market rallied and saw gains.
Bitcoin is now struggling to break through the $24,000 barrier. However, it is gaining momentum and may continue to rise toward the $24,000 level. The current live price of one bitcoin is $23,468.20, up 1.92% from yesterday.
Meanwhile, the Ethereum price has been flashing green, which was thought to be one of the main reasons for the bullish crypto market. As a result, the OP coin’s price increased by more than 95% in the previous week. As a result, digital assets such as the Optimism (OP) Coin may benefit from the bullish sentiment in the crypto space.
Network Advancements
According to a tweet from OP Labs, the company debuted its Drippie transaction system. Drippie, Optimism’s first product, aims to address the automation issues associated with on-chain activities. According to the organization, Drippie is “an Ethereum native, trust-minimized conditional transaction mechanism.” Meanwhile, the protocol’s ecosystem has undergone significant changes this week.
This was evident after the L2 protocol, for example, recently unveiled its updated Optimism onboarding strategy for both novice and experienced bitcoin traders. It also launched its first stablecoin, $agEUR, which is linked to the Euro. The value of the Optimism network will rise, as a result, influencing the OP coin.
Optimism (OP) Pumps 103% – Quick Technical Outlook
The OP/USD pair is trading sharply higher at $1.96 after rebounding from the 50% Fibonacci retracement level at $1.36. Optimism has formed the “three white soldiers.” candlestick pattern on the 4-hour timeframe, signaling a strong bullish trend.
Simultaneously, leading indicators such as the RSI and MACD show a bullish crossover from the downside to the upside. The MACD has begun to form histograms above the 0 point, and the RSI has also crossed the 50 line. Both indicators indicate a strong buying trend.
On the upside, a break of the $1.97 level could expose the OP price to $2.12 and $2.30. Consider looking for a buy trade that is more than $1.83 and vice versa. Best wishes!
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Source: https://insidebitcoins.com/news/optimism-op-pumps-103-drippie-system-boosts-demand