• Optimism (OP) price blasted 24% to new all-time highs at $2.50
• Bitcoin & Ethereum prices retraced from their highs and caused a market wide retracement
• OP has extended its leg 498% above its all-time low of $0.40 on June 18, 2022.
Optimism Price Rockets To Record Highs
Optimism price was largely unbothered by a widespread retracement in the crypto market mid-through the week’s trading. Bitcoin price retraced from highs around $23k, testing support at $22,000. Similarly, the largest smart contracts token, Ethereum led other altcoins in slowing down a three-week aggressive push by the bulls. However, Optimism joined explosive altcoins like Aptos (APT) to reach new all-time highs. After another 24% spike in 24 hours, Optimism is trading at $2.43, approximately 3.6% from its new record high of $2.50 on January 25th. Investors have been able to reap big profits with OP extending the leg 498% above its all-time low of $0.40 on June 18th, 2022.
Is Now The Right Time For Investment?
Optimism price has slipped from an all-time high which could be due to profit booking activities or investors wanting to take some money off the table after such huge gains recently seen in the markets overall as well as for OP specifically.. Investors who missed out may want to hold onto their money until Optimism price breaks above a crucial resistance at $2.50 and there is also a possibility of a retracement that will allow sidelined investors to catch up with this trend while allowing OP more time to collect more liquidity before continuing its bullish run higher still..
Technical Analysis
The Stochastic oscillator shines a light on extreme overbought conditions which could entertain risk of pullback before bulls push for resumption of rally – investors should keep in mind support at $2.00 as highlighted by lower yellow band and if upside pressure overwhelms bullish momentum then buyers would look towards upper falling trendline for support around 1$75 with 50 day Exponential Moving Average (EMA) coming up reinforce buyer congestion at 1$50 . To affirm bullish grip and set pace for next move it will need break & hold above 2$50 – upper yellow band .
How High Can Optimism Go?
If optimistic can break through key resistance levels then it could continue its impressive rally higher still; however if not then we might see further selling pressure take hold and cause it pull back slightly before continuing upwards again once more – either way traders should always be cautious when investing as no investment is complete without any risk involved . Investors should remember that past performance isn’t necessarily indicative of future results and they should do their own research into projects they are looking into investing in order make sure that it is suitable for them .