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The layer-2 blockchain on Ethereum Optimism (OP) started a bearish reversal yesterday, August 23, 2023. This trend emerged after a 5-day consecutive bullish control, which amounted to an 11% price gain.
The asset has a negative change of about 24% in its 24-hour trading volume, implying the increasing selling activity. The market condition is uncertain, but a better glimpse into OP’s market will be obtained from its past and present price actions.
Optimism OP’s Price Action Volatile
Today, the token’s value is $1.553 at 04:41 EST, reflecting a 1% price decline in the last 24 hours. Due to the drop in value, the asset shows a slight reduction of less than 1% in the past two weeks but is 6% higher than its price in the past month.
Also, historical data from CoinGecko reveals that Optimism’s current value represents an extra 7% added to its price in the past week despite the slight downward movements.
So, there is still hope for investors who purchased the token in the middle of the OP’s pump before it started falling.
OP Above 50-day SMA – Can it Maintain This Position?
The chart above shows that the OP price is slightly above the 50-day Simple Moving Average (SMA) and below the 200-day SMA. This indicates that the token is bullish in the short term and bearish in the long time.
But if the bears in control of the market, evident in the last two red candles, increase selling pressure today, OP might go below the 50-day SMA at the $1.496 price level.
The Moving Average Convergence Divergence (MACD) is slightly below the signal line with faded histogram bars. This implies that OP is bearish, but the faded histogram bars validate the 50-day SMA bullish state as the bears are losing selling pressures.
Optimism’s Relative Strength Index (RSI) indicator is at 52.50 in the neutral zone, showing that the asset market is in equilibrium. Investors should trade with caution as the market direction is unclear at the moment.
OP’s Support, Resistance Price Levels
Considering the chart above, the bears control the market. So, if any negative event occurs,adverseen’s value may drop to the $1.363 support.
Crypto traders who buy the asset at this support will stand a chance of making a 33% return on investment when OP surges to the $1.818 resistance due to favorable market sentimfavorableis means that investors who purchase the token at the $1.061 support will make up to 71% when the asset rises to that same resistance level.
Optimism Bridge Interface to Potentially Increase Demands, Price for OP
As of August 21, OP Labs announced via the X platform that users at Optimism can start using the Optimism bridge interface to move their ERC20 tokens to the OP Mainnet. The lab also shared three steps users can follow to get their tokens bridged.
By popular request: you can now use the Optimism bridge interface to bridge any arbitrary standard ERC20 token to OP Mainnet. Here's how:
1. Head to https://t.co/7734egnTFC
2. Select the asset picker's custom tab and paste the L2 token contract address
3. Bridge away! pic.twitter.com/3VA6ssSKBf
— OP Labs (@OPLabsPBC) August 21, 2023
This could attract more investors to the project and increase OP’s market value as investors will find it easy to transfer their ERC20 tokens between different blockchain structures.
As the OP market remains uncertain right now, investors seeking a quick cash out can consider a viable alternative, WSM
Wall Street Memes ($WSM) Makes Waves as It Attains $25 Million Presale Milestone
The nascent crypto meme project that caught the attention of the world’s richest nears its listing time on crypto exchanges. The Wall Street Memes movement is reigniting the excitement of the online investment community, making investors see it as the next low-cap gem.
It was created to revolutionize the crypto meme sector, leveraging the meme frenzy to ensure everyone benefits from the blockchain market.
The project has recorded excellent presale performance, maintaining milestones even as the selling price increases across several presale stages. Today, $WSM has raised over $25 million at a presale value of $0.0337 for a single token.
According to the presale’s website, the public initial coin offering is in the final stage and will be listed on tier 1 crypto exchanges in less than 2 months.
Furthermore, the creators are also running an airdrop program alongside the presale. Investors who buy $WSM are eligible to participate and can receive $10K worth of $WSM.
So, to be among the lucky investors, go to the presale websites and follow the buying instructions to acquire some $WSM tokens. The Wall Street Memes team targets reaching a $1 billion market cap when launched on crypto exchanges. This will be a huge profit for early massivestors.
Due to the rate success rate of the project’s presale, which could be linked to the massive support from its community, many are hopeful that the target could be met.
Moreover, a crypto influencer with a channel name, Up Next Crypto, and 457 thousand subscribers on YouTube strongly believes that among all meme projects, $WSM is the best and the top one.
The team allocated 30% of the total token supply of 2 billion to the project’s community members for their support.
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