Following a slight enchancment within the broader cryptocurrency market, Optimism (OP) has posted optimistic features right this moment, August 2. The token is now over 10% greater than seven days in the past. Optimism’s achieve has positioned it among the many top-gaining cash right this moment, with a virtually 3% achieve within the final 24 hours.
Optimism Worth Motion as Bulls Wrestle to Prevail
In response to CoinMarketCap data, Optimism peaked at $1.6712 on Wednesday morning, an over 5% enhance from its past-day worth. Nevertheless, as a result of intense wrestle between the consumers and sellers, OP has receded from the day peak and is now traded at $1.63, with a 3.08% worth enhance.
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Optimism maintained a reasonably bullish momentum from July 13 to August 2, mirrored in its over 22% 30-day worth enhance. Whereas the uncertainty about its subsequent worth motion stays excessive, speculations recommend the next developments would possibly affect the OP’s market outlook within the coming days.
Optimism Might Face Backlash Due To The Current BASE Exploit
Coinbase’s newly launched BASE community constructed on the Optimism Stack reportedly witnessed a backdoor contract exploit, resulting in the lack of 597 Ether value roughly $1 million.
In response to on-chain investigations, the exploiters infiltrated a BASE Chain’s backdoor contract, repeatedly minted tokens, and offered them for revenue. Information exhibits that the perpetrator handle already minted 40 totally different tokens, producing roughly 597 Ether in revenue, which has been moved out.
Speculations are that the exploit would possibly affect all protocols linked to it, together with the Optimism community, since BASE anchors the OP Stack. Additionally, the BASE hype attracted a number of new crypto addresses to the Optimism community. The latest hack might depress investor sentiment, probably impacting OP’s worth.
The variety of energetic addresses on the Optimism community grew considerably over the previous couple of months after BASE’s launch in late February. Nevertheless, this development may very well be stalled as a result of unlucky occasion on the BASE community.
OP Worth Outlook; Will the Bulls Maintain the Rally?
The OP/USD every day chart demonstrates OP’s bullish momentum because the bulls combat to safe greater market positions for the coin. OP has surpassed its two crucial assist ranges, and the bulls present no signal of stopping, evident within the quick inexperienced candlesticks fashioned above the $1.631 assist stage.
The Shifting Common Convergence/Divergence is above the sign line with inexperienced histogram bars that mirror the asset’s bullish momentum. As well as, the RSI has crossed the overbought area and now sits at 75, demonstrating elevated shopping for stress on OP.
Nevertheless, a bearish development reversal is feasible for the reason that consumers have reached saturation and will recede attributable to a decline in momentum.
As of the time of writing, OP trades at $1.63. However the subsequent few hours are crucial as the worth may decline to $1.61 if the bears reclaim management.
Featured picture from Pixabay and chart from TradingView.com