Optimism (OP) Rides The Wave Of Today’s Crypto Surge With 15% Rally

Christian Encila

2 years ago

3 mins read

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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.

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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Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.