Once again, a few cryptocurrencies are sending market waves. Despite remaining largely bearish this year, most tokens are turning up, showing what a bull run will look like. Probably, we are in a bull market. But, with macro shivers continuing to wreak havoc, we would be cautious about making a bull call now.
c is one such token that has surprised the market. Some may have written off the cryptocurrency after it slipped below a crucial $1 price. With a 65% increase in value in the last week, OP is easily one of the top-gaining cryptocurrencies. Improved sentiment has been boosting the token. However, the fact that OP has more gains underlines its strong fundamentals lately.
As CoinJournal reported, several developments have been boosting the Optimism token. One among them is the “OP Stack” launched earlier this month. Without getting into the details, Optimism has been selling itself as an efficient and low-cost blockchain of choice.
We also know that Ethereum has been robust in the past week. As a result, the positive sentiment could be flowing to its L2 scaling solution Optimism. In fact, Optimism considers itself an extension of the Ethereum software. Quoting, “If it works on Ethereum, it works on Optimism at a fraction of the cost” – Optimism team.
OP recaptures $1 resistance in a bullish market
Source – TradingView
The daily chart shows OP correcting after breaking past the $1 resistance level. The breakout suggests that OP has started a bullish momentum that could last for a while.
The cryptocurrency is surging above the 20-day and 50-day MA. The MACD indicator has shifted above the midpoint and indicates a building momentum.
Should you buy OP now?
OP is a buy after the bullish breakout at the resistance. However, investors should wait for the price to settle at or around $1. A buy trade will be confirmed by a bullish signal at the mentioned level. The next target for the cryptocurrency is around $1.474 or $1.8, depending on the prevailing sentiment.