Optimism (OP) has experienced a significant price increase of 73% from its lows in June to its highs in August. However, the recent retracement below crucial support levels suggests that the ongoing correction will continue. Despite this, the price of OP recently rallied 18% due to a development update on the network. The Optimism Foundation announced that the public RPC mainnet has been made more reliable and available in collaboration with Ankr and QuickNode. This update has sparked investor interest, as OP is among the top gainers in the crypto market.
On the downside, if OP falls below the price range defined by the Simple Moving Averages (SMAs), it could revisit the $1.20 level and potentially drop further to $1.050. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicator suggest that there are more sellers than buyers in the market. However, on the upside, OP is trading above a bearish technical formation and both the RSI and MACD are showing signs of upward movement.
A trader on social media platform X is bullish on OP, believing that it could rally as much as 127% to $3.0 once it escapes from a falling wedge pattern. However, technical analysis suggests that investors should be cautious as this recovery could be a bull trap. For those seeking alternative investments, Bitcoin BSC is a new crypto project that has launched its presale and offers potential returns for investors.
Bitcoin BSC is a Binance Smart Chain-based version of Bitcoin that aims to replicate BTC’s rise. The presale offers BTCBSC tokens at $0.99 per unit, allowing buyers to experience purchasing Bitcoin from 12 years ago. While there is no guarantee of reaching Bitcoin’s original price levels, Bitcoin BSC has gained popularity and raised $5.8 million in less than three weeks.
In conclusion, the price of OP has seen significant fluctuations, and its recovery may be a bull trap. Investors can consider alternative investments such as Bitcoin BSC, which is currently in its presale stage and has gained popularity among investors.
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