Here\u2019s The Total Number Of XRP That Ripple Currently Holds<\/a><\/div>\nHowever, a bearish trend reversal is possible since the buyers have reached saturation and may recede due to a decline in momentum.\u00a0<\/span><\/p>\nAs of the time of writing, OP trades at $1.63. But the next few hours are critical as the price could decline to $1.61 if the bears reclaim control.<\/span><\/p>\nFeatured image from Pixabay and chart from TradingView.com<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"Following a slight improvement in the broader cryptocurrency market, Optimism (OP) has posted positive gains today, August 2. The token is now over 10% higher than seven days ago. Optimism\u2019s gain has placed it among the top-gaining coins today, with a nearly 3% gain in the last 24 hours.\u00a0 Optimism Price Action As Bulls Struggle To Prevail According to CoinMarketCap data, Optimism peaked at $1.6712 on Wednesday morning, an over 5% increase from its past-day price. However, due to the intense struggle between the buyers and sellers, OP has receded from the day peak and is now traded at $1.63, with a 3.08% price increase. Related Reading: Shiba Inu Price Prediction: Is Shibarium The Key To A Trend Reversal? Optimism maintained a fairly bullish momentum from July 13 to August 2, reflected in its over 22% 30-day price increase.\u00a0While the uncertainty about its next price action remains high, speculations suggest the following developments might influence the OP\u2019s market outlook in the coming days. Optimism Could Face Backlash Due To The Recent BASE Exploit Coinbase\u2019s newly launched BASE network built on the Optimism Stack reportedly witnessed a backdoor contract exploit, leading to the loss of 597 Ether worth approximately $1 million.\u00a0 According to on-chain investigations, the exploiters infiltrated a BASE Chain’s backdoor contract, continuously minted tokens, and sold them for profit. Data shows that the perpetrator address already minted 40 different tokens, generating approximately 597 Ether in profit, which has been moved out. Speculations are that the exploit might impact all protocols linked to it, including the Optimism network, since BASE anchors the OP Stack. Also, the BASE hype attracted several new crypto addresses to the Optimism network. The recent hack may depress investor sentiment, potentially impacting OP’s price. The number of active addresses on the Optimism network grew significantly over the last few months after BASE’s launch in late February. However, this growth could be stalled due to the unfortunate event on the BASE network. OP Price Outlook; Will the Bulls Sustain the Rally? The OP\/USD daily chart\u00a0demonstrates OP\u2019s bullish momentum as the bulls fight to secure higher market positions for the coin. OP has surpassed its two critical support levels, and the bulls show no sign of stopping, evident in the short green candlesticks formed above the $1.631 support level. The Moving Average Convergence\/Divergence is above the signal line with green histogram bars that reflect the asset\u2019s bullish momentum. In addition, the RSI has crossed the overbought region and now sits at 75, demonstrating increased buying pressure on OP.\u00a0 Related Reading: Here\u2019s The Total Number Of XRP That Ripple Currently Holds However, a bearish trend reversal is possible since the buyers have reached saturation and may recede due to a decline in momentum.\u00a0 As of the time of writing, OP trades at $1.63. But the next few hours are critical as the price could decline to $1.61 if the bears reclaim control. Featured image from Pixabay and chart from TradingView.com<\/p>\n","protected":false},"author":568,"featured_media":539549,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-545535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\n
Optimism (OP) Climbs Over 10% On Weekly Chart - Will The Rally Last?<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n