- Optimism (OP) worth surged greater than 7% on Sunday to succeed in intraday highs of $1.61.
- the Ethereum layer-2 protocol unlocked 24 million OP tokens value $38 million into circulation on July 30.
- OP worth may flip to $1.89 if bulls stay in management within the quick time period.
Optimism (OP) worth surged greater than 7% on Sunday to succeed in intraday highs of $1.61 as at 10:30 am ET. The beneficial properties put the Ethereum layer 2 protocol among the many high performing crypto belongings previously 24 hours.
Day by day buying and selling quantity is up 107% from a day in the past, in accordance with knowledge from CoinGecko, with this coming even because the optimistic rollup community unlocked 24 million on July 30.
Apparently, on-chain knowledge shows Optimism’s transaction quantity just lately surpassed that of different Ethereum L2 Arbitrum.
OP worth prediction after token unlock
The discharge of extra OP into circulation is a part of the cryptocurrency’s scheduled unlocks. The most recent noticed 24 million OP value $38 million added to circulating provide that presently stands at 679,080,066 OP.
In accordance with Token Unlocks, Optimism has one other 45 token unlocks lined up. How does this unlock mirror in OP’s worth?
Optimism’s native token flipped inexperienced regardless of at the moment’s token unlock. However previous to the surge, bearish stress had seen it decline to lows of $1.44, the rejection having occurred when OP/USD touched above $1.64 on July 24.
In the meantime, the day by day chart means that bulls have the higher hand with the Relative Energy Index (RSI) indicator rising and the Shifting Common Divergence Convergence (MACD) alerts potential bullish energy.
OP worth can be above the 50-day Exponential Shifting Common (EMA), which has acted as help for the previous two weeks. If worth breaks above $1.64, the following goal may very well be $1.89 and $2.00.
Optimism worth chart. Supply: TradingView
Whereas the token unlock provides solely 3.56% of whole provide, it’s notable that a rise in circulating provide typically coincides with a dip in demand and worth. As such, it’s doable Optimism’s worth may flip unfavorable.
If draw back stress resurfaces, OP worth may depend on help at $1.44 after which $1.20.