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Optimism (OP) continues to be a bull market. The token has tested the resistance at the monthly high of $1.37 but is still not settling in. However, its trading volume is up 54% to $355 million in the past day. Blockchain records important transaction activity.
DefiLlama data shows that Optimism’s TVL has grown significantly over the past three months, reaching $1.15 billion in August. This growth can be attributed to developers seeking Ethereum’s scalability.
Optimism is a layer 2 blockchain on top. ethereum It is intended for scalability of distributed applications. The platform launched its testnet in September 2020. Its native OP token allows end-users to access her dApps on Ethereum cheaply. OP also helps with governance by giving owners voting rights in the Optimism Collective.
The current price dynamics of OP tokens are not tied to anything specific in the industry. However, the scalability fundamentals have potential for growth. Specifically, the optimistic rollup of bundling transactions together has the potential to popularize Layer 2 platforms.
Source: Trading View
The daily technical chart above shows OP retesting support around $1. Needs further confirmation, but the token seems to have slightly lost the $1 level. You can check if a bearish breakout has occurred by looking at the closing price of the daily candlesticks. Temporary resistance is at $1.4, while $1.9 is the long-term resistance level.
While the MACD looks bullish, the RSI is below the overbought zone and could move higher.
Based on fundamental aspects, OP can bring value to users in the long run. From the technical charts, the token is retesting support with bullish momentum. Tokens are in retracement, but may bounce off the support level.
Confirmation of Bullish Price Action Signals Welcomes Upward Momentum optimismAt current prices, it would be wise to wait until a suitable buy signal emerges at the immediate support level.
