OP’s ‘Optimism’ may need more than just a boost. Here’s why…

AMBCrypto
AMBCrypto

29 Jun 2023 7:30 AM

The Optimism network witnessed some growth over the last 30 days, however, OP failed to share the enthusiasm of the network. Additionally, OP's current state would need more than just investor confidence to step out of its slumber. ...

  • Optimism (OP) witnessed an increase in the number of transactions and daily volume, but struggled with its price and metrics.
  • OP's price was 7% lower over the last 24 hours and 15% lower in the last seven days.
  • The weighted sentiment for OP was -1.025, indicating a long path to recovery.
  • Development activity and OP's MVRV ratio experienced a dip, suggesting a lack of progress on the development front.
  • OP was trading at $1.199, 8% lower than its opening price, with selling pressure evident in the market.
  • The MACD line showed some hope, but a bearish crossover could occur if selling continues.
  • The MFI moved sideways, indicating a neutral position.
  • Traders hoping for a rally may be disappointed, but recovery is possible if selling pressure decreases and more traders support OP.

The sentiment in the article is mostly negative, highlighting the struggles and challenges faced by Optimism (OP) in terms of price, metrics, and development activity. However, there is a mention of hope and the possibility of recovery if certain conditions are met.

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You May Ask

What is the current price of 1, 10, and 100 OPs?How has OP's performance been since the end of the second quarter of 2023?What are the key metrics indicating OP's struggle for recovery?What is the market sentiment and selling pressure for OP?Is there a possibility of recovery for OP if certain conditions are met?

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