OP Gains 3% – Temporary Surge or More to Come?

Crypto token Optimism (OP) shocked crypto market contributors twice within the final 24 hours. The primary shock got here when the token’s worth interrupted its regular enhance to drop from $1.56 to $1.52.

On the time, many thought the token was lastly giving in to the bearish market and would comply with others in a worth crash.

Then got here the second shock when the token’s worth shot up from $ 1,521 degree to $ 1,600 in solely three hours.

In fact, the token remains to be low in comparison with the $1.80 degree it noticed at the start of August, however it’s one in all just a few cryptos which have recovered from a dip brought on by Bitcoin on August 17.

Optimism itself crashed from $1.80 to $1.53 earlier than August 10. Then, after buying and selling sideways for a few week, the cryptocurrency hit its lowest level up to now month — $1.31.

This was early on August 18, and since then, OP worth has recovered considerably, reaching $1.56 as of the time of writing. This isn’t the very best within the final 24 hours however is near its weekly peak.

Talking of Optimism’s weekly efficiency, the value is up by virtually 7% from final Wednesday, August 16.

Shifting ahead, opinions on OP are break up. Some consider that the token’s worth motion is forming an enormous bearish flag and {that a} retest to $1.73 – $1.83 is predicted, adopted by the breaking down of the flag.

Others have famous that the token is bullish and won’t change for some time. Nonetheless, if the token loses momentum, it might return to the low $1 vary, the place extreme accumulation is predicted.

After that, as market contributors rush in to purchase the dip, the token might skyrocket again to the present and even increased ranges.

Optimism Whales Are Shopping for Forward of Ethereum Cancun Improve

Latest experiences have steered that the buildup of the OP token has already began, not as a result of crypto customers consider that the value is on the backside, however due to the upcoming Cancun improve that’s anticipated on Ethereum’s community.

🚨 Handle 0x011 (probably Amber Group) amassed 3.73M $OP from #Binance at $1.53 on avg ($5.71M) over the previous 24hrs.

The VC most likely amassed $OP for the upcoming #Cancun Improve, which is predicted to profit Arbitrum & Optimism vastly.

Present holding: 8.14M $OP ($12.5M)… pic.twitter.com/731zHYBs03

— Spot On Chain (@spotonchain) August 22, 2023

The upcoming transfer is probably going driving giant pockets traders to Optimism and different L2 initiatives. Optimism is among the many widespread choices, because it is likely one of the most intensive Ethereum Layer 2 scaling options.

If the whale curiosity persists, the token’s current 3% surge won’t finish there, and a extra vital worth enhance may but come.

Launchpad XYZ Presale Approaching $1.4m Raised

Whereas the whales could also be after Optimism, quite a few customers are turning to widespread presales like Launchpad XYZ (LPX).

This new venture goals to create a platform with instructional supplies and instruments to offer builders the higher hand in Web3.

It’s constructing a community-driven ecosystem to make sure everybody can take advantage of out of the subsequent bull run. Up to now, the venture has raised $1.37 million and is approaching $1.4 million raised quickly.

With its cap at $1.55 million, a small burst in LPX purchases might simply conclude the presale fairly rapidly. The LPX token is accessible for $0.0445, and customers should purchase it with BNB, ETH, USDT, or a credit score/debit card.

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