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- Optimism (OP) saw a 5% increase, raising its price to $1.79.
- A rise in active addresses, reaching 22.9K, marked one of the most favorable days for Optimism (OP) in 2023.
Amid a tough phase for leading altcoins, Ethereum’s scaling solution, Optimism (OP), counters the downward trend. Today, the cryptocurrency demonstrated its strength with a 5% increase, elevating its price to $1.79. Additionally, a notable 22.9K active addresses signified one of the most encouraging days for Optimism (OP) throughout 2023.
#Optimism is witnessing some favorable indicators today, as its +5% increase is paired with 22.9K active addresses, ranking among its top days of 2023. Furthermore, significant whale & shark addresses holding between 100K-10M $OP continue to maintain a substantial level, currently valued at $781.9M. https://t.co/VOE7uqOQpN pic.twitter.com/Ie0oX2pJT0
— Santiment (@santimentfeed) August 21, 2023
As per market analytics from Santiment, high-value addresses—mainly owned by prominent whales and sharks—have consistently upheld their positions, totaling $781.9 million. This dedication from major stakeholders indicates strong confidence in the long-term prospects of Optimism (OP).
Is Optimism (OP) Price on the Rebound?
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Since August 10th, a downward trajectory has been apparent in Optimism’s (OP) price. This challenging phase emphasizes the importance of the OP cryptocurrency.
At the time of this report, Optimism’s (OP) price stands at $1.53, reflecting a notable increase of 3.80% with a market capitalization of $1.09 billion. Additionally, the trading volume has surged by 110% during the intraday trading session, signaling renewed interest and active engagement from the trading community.
Looking at a weekly perspective, Optimism (OP) has shown a slight rise of approximately 0.26%. Over the last month, the cryptocurrency has experienced a decline of about 2.79%. Despite these price variations, it is important to note the recovery in Optimism (OP), showcasing an impressive gain of 66.48% year-to-date.
Optimism (OP) Price Chart (Source: TradingView)
Moreover, a recent development is the convergence of Optimism’s (OP) 50-day moving average (50MA) towards its 200-day moving average (200MA). This trend indicates positive momentum in Optimism’s (OP) current position above its 50-day exponential moving average (50-day EMA). Additionally, a key metric, the Relative Strength Index (RSI), is currently at 51, suggesting a new correlation in the price momentum.
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