Optimism (OP), alongside major cryptocurrencies, has witnessed a remarkable surge in value amidst a wave of positive momentum sweeping through the broader crypto market.
The recent victory of Ripple against the US Securities and Exchange Commission has sparked a sea of green, with investors expressing renewed confidence in the industry.
In this flourishing environment, Optimism Network’s OP coin stands tall, exhibiting an impressive surge of nearly 15% in the past seven days.
But can the Optimism Network sustain its upward trajectory in the face of regulatory challenges?
OP Bulls Target $1.3 Resistance Level
In the ever-changing landscape of the cryptocurrency market, the current price of OP coin on CoinGecko hits $1.38, reflecting a noteworthy rally of 14.2% over the past 24 hours. Additionally, within the last seven days, the coin has experienced an impressive surge of 14.7%.
Source: Coingecko
Since the first week of July, OP has been trading below the $1.3 mark. However, an OP price report notes that bullish investors are eyeing this crucial threshold to flip the H2 structure (see chart below) into a bullish trend.
The $1.3 resistance level has posed a challenge for the OP coin’s value, preventing it from surpassing this critical point. Bulls in the market are striving to overcome this hurdle, which would signal a potentially bullish trend for the coin.
Breaking through a resistance level requires bulls to employ various strategies and leverage market dynamics to their advantage. One approach is to increase buying pressure by generating higher demand for the asset.
This can be achieved through positive news, improved market sentiment, or attracting new investors. By accumulating buying orders, bulls can potentially overpower selling pressure and propel the price beyond the resistance level.
Related Reading: PEPE Price Drops More Than 60% From ATH – What Lies Ahead?
Technical analysis plays a crucial role as well. Bulls carefully analyze price charts and employ technical indicators to identify patterns, trends, and potential entry points. They look for signals that indicate a breakout or reversal in price movement.
OP market cap currently at $912 million. Chart: TradingView.com
Altcoins Rally
As the news of Ripple’s triumph against the SEC spreads, the crypto market witnessed a major surge. XRP, Ripple’s native cryptocurrency, has skyrocketed by more than 60% at the time of writing.
CONGRATS #XRPArmy!!! ITS OUR TIME TO SHINE!!!
WE DESERVE IT!!! https://t.co/z8cvChvIfC
— wEeZiE {X}
FireGaryGensler (@NerdNationUnbox) July 13, 2023
This remarkable climb has sparked fervent excitement within the “XRP army” community on Twitter. CoinGecko data indicates that XRP is currently trading above $0.76. In addition to XRP’s extraordinary rally, several other altcoins have also enjoyed significant gains.
Altcoins such as Solana, Polygon, and Cardano, which were previously subject to scrutiny and classified as potential securities by the SEC, have reaped the benefits of this rising tide in the crypto market.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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