Optimism price registered a spike of 25% after its opening at $1.9890. The OP/USD pair currently trades at $1.9510, with a high of $2.2150 and a low of $1.9390. The current price movement of Optimism is going with the flow as far as the Ethereum layer-2 protocol is concerned.
It makes use of rollups that enable quicker and low-cost Ethereum transactions. OP Labs of Optimism protocol has announced this week that the planned update will happen this quarter 4 of 2022. And when that happens, this will be a game-changer.
Early Friday, OP has spiked by 11.43% and the sentiments show that it will escalate further. But, the coin was not able to keep up and dropped by 1.59% overnight. As the demand for Optimism increases, the coin’s bullish recovery also continues.
The value of OP has risen to $2.2 which is the highest it has been since June 1, 2022. At present, the coin is now valued at $500 million as it increased by more than 421% from its all-time low.
What Is Optimism?
Optimism has a very ambitious goal as it seeks to solve a lot of Ethereum’s issues. It aims to speed up and also lower the costs of Ethereum transactions by enabling optimistic rollup. In the development of layer-two solutions geared for Ethereum, the network is looking to keep it minimal.
Optimism wants to dispel the complexity and speed up Ethereum transactions. The Optimism Foundation is on top of the project and governs the OP token that is used for voting on governance proposals.
On July 25, OP Labs launched Drippie that is native to Ethereum that aims to solve many pain points when it comes to blockchain automations.
Optimism Sees Spike In Investor Interest
Optimism price is on a surge due to the increase in investor interest and positive sentiment around the network’s recovery. More so, its TVL has also targeted a new high and there is also that increased fear of missing out (FOMO).
Many people are optimistic that the bull run will continue especially after it has spiked by more than 400%. Investors are looking for another ATH or a price increase. More so, buyers are also excited with Optimism outpacing Polygon which currently has a TVL of more than $1 billion.
The OP/USDT pair is beginning to recover as it skyrocketed above 38.2% following the Fibonacci retracement level that stretches at $1.389. Currently, the pair is trading at $1.891 and resistance at $1.700. A dip below this figure will pump up the selling trend until it reaches $1.389.
Crypto total market cap at $1.07 trillion on the daily chart | Source: TradingView.com Featured image from Crypto News, chart from TradingView.com
Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?
Monero has its hands full trying to keep its momentum and rally forward. But, it must first overcome obstacles. As do other tokens.
The token is trying to keep up with the upward tilt. Remarkably, XMR price is trying hard to recover and keep up with the pace but it seems XMR is doing a great job as it’s currently on the green and winging it.
The daily price chart shows that XMR price is trying to soar upwards. Monero is gaining strides as it shoots up close to the top trendline of the channel. In order for XMR to rebound or go through the target resistance, the coin must maintain its current pace in terms of price.
Monero (XMR) Price Surges 4.33%
For XMR to shoot hoops at a bullish pace and breach the ascending parallel channel, the XMR bulls must push through its upward movement. However, it seems the bears are attempting to weaken the XMR market.
With a frail market, it is challenging for XMR and other cryptocurrencies to recover. XMR investors must hold it off until such time that the bulls can maneuver and maintain the current position found at the top trendline of the ascending parallel channel.
According to CoinMarketCap, Monero price is currently trading at $167.68 or showing off an increase of 4.33%. Trading volume was seen to drop by 6.88% as depicted in the intraday trading session. As of press time, bears try to drag the token towards the lower trendline of the ascending channel.
Bulls’ Accumulation Pivotal For XMR Price Rally
It would need more buyers for XMR price to leap quickly closer to the top trendline of the channel. But, the volume change also indicates that boosting the bulls’ accumulation is pivotal for XMR price to surge. For XMR to show significant recovery on the daily price chart, XMR price must move closer to the upper trendline.
The daily price chart for XMR price shows the formation of a rising parallel channel. More so, the technical indicators for Monero show the token’s downward trend in terms of momentum. RSI at 58 also shows a downward movement for XMR which is gearing close to a neutral zone.
MACD is showing the downward movement of XMR as it glides under the signal line following a failed crossover. Hence, XMR investors will need to wait on the sidelines for any changes on the daily chart.
XMR total market cap at $3.02 billion on the weekend chart | Source: TradingView.com Featured image from The Market Periodical, Chart from TradingView.com
TA: Bitcoin Price Takes Hit, Why BTC Remains at Risk of More Losses
Bitcoin price started a fresh decline from the $24,250 resistance zone against the US Dollar. BTC declined below $23,000 and remains at a risk of more losses.
- Bitcoin started a fresh decline below the $23,500 support zone.
- The price is now trading below the $23,500 level and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $23,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $23,250 resistance to start a fresh increase in the near term.
Bitcoin Price Breaks Support
Bitcoin price struggled to gain pace above the $24,000 resistance zone. The price formed a top near $24,285 and started a fresh decline.
There was a clear move below the $23,800 and $23,500 support levels. The bears pushed the pair below the 61.8% Fib retracement level of the upward move from the $22,846 swing low to $24,286 high. Besides, there was a break below a major bullish trend line with support near $23,320 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below the $23,500 level and the 100 hourly simple moving average. It is now consolidating above the key $22,650 support zone.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $23,250 level. The next key resistance is near the $23,500 zone. A close above the $23,500 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $24,000 resistance.
Downside Break in BTC?
If bitcoin fails to clear the $23,500 resistance zone, it could continue to mov down. An immediate support on the downside is near the $22,650 level.
The next major support now sits near the $22,500 level. A close below the $22,500 level might start a move towards $22,000. If the bears remain in action, there is a risk of a move towards the $21,500 level in the coming sessions. Any more losses might send the price towards $20,500 level.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $22,650, followed by $22,500.
Major Resistance Levels – $23,250, $23,500 and $24,000.
TA: Bitcoin Price Holds Support, Why BTC Might Attempt Fresh Increase
Bitcoin price gained pace above the $23,500 resistance against the US Dollar. BTC could start a fresh increase if it stays above the $23,500 pivot level.
- Bitcoin started a decent increase above the $23,500 level.
- The price is now trading above the $23,500 level and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $23,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $24,000 resistance to start a fresh increase in the near term.
Bitcoin Price Remains Supported
Bitcoin price was stable above the $23,000 and $23,200 levels. The price formed a base above the $23,200 level and started a fresh increase.
There was a clear move above the $23,500 resistance zone. The bulls were able to push the price above the $24,000 resistance zone and there was a close above the 100 hourly simple moving average. There was a spike above the $24,200 level.
A high was formed near $24,285 and the price is now correcting lower. There was a break below the $24,000 level. Bitcoin price dipped below the 23.6% Fib retracement level of the upward move from the $22,845 swing low to $24,285 high.
However, the price remained stable above the $23,600 level. There is also a key bullish trend line forming with support near $23,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $24,000 level. The next key resistance is near the $24,200 zone. A close above the $24,200 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $25,000 resistance.
Downside Break in BTC?
If bitcoin fails to clear the $24,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,600 level.
The next major support now sits near the $23,500 level. It is near the 50% Fib retracement level of the upward move from the $22,845 swing low to $24,285 high. A close below the $23,500 level might start a move towards $23,000. Any more losses might send the price towards $22,500 level.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $23,600, followed by $23,500.
Major Resistance Levels – $24,000, $24,200 and $24,500.
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