“The question remains surrounding Optimism’s potential to dominate the Rollup space is how the ecosystem can be further developed, following the launch of its OP token. The Huobi Research Institute report further “evaluates the four major platforms associated with OP Rollups, notably Arbitrum, Optimism, Boba and Metis, and noted that Boba and Metis observed rapid TVL expansion following token issuance, but saw TVL reductions later on due to an insufficiently cultivated ecosystem and the lack of established quality projects such as Uniswap, Aave and Curve not being deployed on these networks.”Īrbitrum, meanwhile, “remains in the leader in the space,” the report claims.īarry Jiang, Researcher at Huobi Research Institute and author of the report, said: The Huobi Research Institute report suggests users need “to be more actively involved in the Optimism’s activities and development in order to increase their chances of receiving airdrops of OP, and such airdrop events will help with Optimism’s user retention.” However, Optimistic’s challenge lies “in retaining users and subsequently, revenue, not just through airdrops.”Īctivities and project development are needed “to support the network’s future growth.”Īccording to the Huobi Research Institute report, the Optimism network will have “no problems withstanding this massive growth in user and transaction numbers, and this rapid growth will not result in higher fees for individual users, due to stable Ethereum gas prices arising from a lack of congestion.”
OPTIMISM TOKEN UPDATE
It’s now speculated that a 19 April update released by Optimism, titled “A New Chapter”, may have “fueled user confidence in the project, leading to this increase.”įurthermore, the Optimism network saw “a 56% increase in the number of transactions per day, from 45,000 to 70,000, likely due to users’ hopes for receiving token airdrops.” This scenario is “a positive one that facilitates a token launch,” according to the update from Huobi.ĭata from The Optimistic Ethereum Explorer shows Optimism has seen “a significant increase in the total number of addresses, from 327,000 to 350,000 in one week, a 7% increase.” OP, in general, looks good both in the bear market and in the next bull run this is one of the assets with a good use case and a very strong community behind it.Despite the overall TVL of Layer 2 falling slightly from US$6.47 billion to US$6.33 billion, Optimism’s TVL “bucked the market and rose 15%, from 590 million to 868 million - almost the only mainstream Layer 2 project to rise within the period.” OP holding above $1.1 means the bullish structure is still valid, but a break to the low of this range would invalidate the setup. OP Breaking Downward Of The Ascending Triangle On The 1H Chart | Source: OPUSDT OP is currently trying to break below the ascending wedge on the 1H timeframe a break and close below would mean going down to the next support. OP Showing A Bearish Divergence On The 4H Chart | Source: OPUSDT On On the 4H chart, OP shows a bearish divergence sign – meaning we could be coming to the end of the bullish trend that has lasted for several days. Major resistance – $2.1 OP On The 4H Chart OP would have difficulty breaking its All Time High (ATH) of $2.2, but should this region be broken OP will continually in an upward trend or a price discovery to form a resistance and major support. This support corresponds with the Fibonacci retracement of 61.8%, a healthy pullback for all crypto assets that must maintain a strong bullish uptrend. The support on the 1D charts for OP has already been indicated to allow possible accumulation or Dollar Cost Averaging (DCA)ĭollar Cost averaging is a strategy employed to buy crypto assets with a sum of money in bits over time or a strategy used to buy crypto assets at market levels as the assets make reversals.Īs of writing, OP is trading at $1.567 and could go to $1.34, which is the nearest support for accumulation. The structure of the bullish trends remains intact but accompanies it with a low volume showing that we could be coming to the end of the bullish trend.
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