Optimism

Optimism (OP) was one of the stand-out cryptocurrencies over the past day, as the native token of the Layer-2 blockchain enjoyed massive returns. As a Layer 2 chain on Ethereum, the growing trust and recognition in Optimism was evidenced by its Total Value Locked (TVL) also crossing the $5 billion mark over the same period.With other cryptocurrencies experiencing minor dips, OP has reaped the rewards of a growing user base with a significant price pump. Can buyers forge ahead to hit a new all-time high for OP?<h3 id="a-case-for-a-new-all-time-high">A case for a new all-time high</h3>Optimism (OP) has embarked on a remarkable recovery after trading around the $1 mark for a significant portion of 2023. The swift rise from the $1.36 support level in December has seen the coin more than double its price.The latest flip of the $2.5 resistance to support has provided a firm base for buyers to ramp up the buying pressure with the possibility of hitting a new all-time high before 2023 is over.The four-hour chart showed that the Relative Strength Index (RSI) stood at 88 and the Chaikin Money Flow (CMF) stood at &#43;0.39. Both were very bullish signs of sustained buying pressure and massive capital inflows for OP.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/fb515a19ff464f37b4c9f485529cbf3d.png" />OP/USDT on Trading View (4H Timeframe)Short-term traders looking for long opportunities can enter at the $2.8-$2.9 price level with a profit target of $3.3 (previous all-time high). Long-term traders can look to ride the bullish wave a bit longer to the $4-$5 price range.With the OP token serving as the primary means for transaction fees on the Optimism chain, the upside for growth remains large. This is especially true as more users flock to Optimism, based on its speed, stability, and scalability features.

Optimism (OP) Defies Market Dip, Records 35% Pump in 24 Hrs

Table of Contents

Blockhead

Other articles published on Dec 23, 2023

Shiba Inu Leader Envisions 99.9% Token Burn as Achievable Goal

Hashdex Names BitGo as Bitcoin ETF Custodian in Amended Application

Bitcoin Defies the Odds with a Remarkable Rally in 2023

Arthur Hayes Highlights the Dangers of Spot Bitcoin ETF Approval

Pergeseran Pasar Kripto: AVAX, Retik Finance (RETIK), dan DOGE

Mysterious XRP Transfer Sparks Market Speculation

Join our free newsletter for daily crypto updates!