Connect with us
Active Currencies 14281
Market Cap $2,515,738,772,066.90
Bitcoin Share 51.94%
24h Market Cap Change $0.36

OP may take a while to mirror Optimism’s sentiment because…

2min Read

The Optimism protocol had a week full of noteworthy developments. However, it would take a while for OP to follow the sentiment as it still traded significantly lower than its price action seven days ago.

Share this article

  • OP traded 3.16% higher over the last 24 hours as per data from CoinMarketCap.
  • However, OP’s metrics didn’t exactly seem to favor a bullish sentiment.

The official account of the Optimism [OP] network had some great news to share with the community. As of 16 June, Optimism’s official Twitter account posted a thread about an eventful week for the network.

The update stated that the creative platform manifold.xyz debuted on the Optimism platform. The Twitter account called this a good development for NFT creators.


How much are 1,10,100 OPs worth today?


Furthermore, the update also mentioned the crypto infrastructure for account abstraction wallet, pimlico.eth launched its bundlers and paymasters on the OP mainnet.

This wasn’t all as the thread posted other significant updates about the ecosystem as well. But where does the network’s native token OP stand after this productive week?

Not so ‘optimistic’ after all?

Despite a week filled with significant activity, the OP token didn’t exactly mirror the positive sentiment. Data from the intelligence platform Santiment stood in a neutral zone with no significant bullish or bearish moves.

OP’s network growth went flat and stood at 0 after 8 June. This wasn’t a good sign for the network as it suggested a lack of interest from new addresses.

Furthermore, the network’s development activity also witnessed a decline over the last few days and stood at 20.55 at the time of writing.

This was an indication that developers weren’t contributing much toward the development of the network. The weighted sentiment towards the OP token also witnessed a decline, which showed that the market had a negative outlook towards the token.

Source: Santiment

This looks promising…

OP’s price action on the daily timeframe stood in a contrary position to its metrics. This was because, at the time of writing, OP was trading in the green. Furthermore, what looked even more promising was its Awesome Oscillator (AO). At press time, OP’s AO, although below the zero line, flashed green bars.

Furthermore, OP’s Relative Strength Index (RSI) stood at 32.95 and was seen moving away from the oversold zone. The RSI is expected to surge as a trend reversal is imminent once the RSI touches the overbought zone.


Read Optimism’s [OP] Price Prediction 2023-2024


Additionally,  a look at the Moving Average Convergence Divergence (MACD) also showed the MACD line (blue) moving toward the signal line (red), attempting to make a bullish crossover. This could be taken as a positive sign for the OP token.

Source: TradingView

However, traders looking for some action around OP may still need to exercise caution. This was because although OP’s 24-hour price action stood 3.16% higher, its seven-day price action was 16.53% lower as per data from CoinMarketCap.

Share

Aashna is a News Editor at AMBCrypto and is particularly interested in the how and what of blockchain technology, along with its vast applications. A flair for the language and her inquisitive nature are factors that spike her interest in the cryptocurrency space.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.