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Amidst a wave of positive momentum in the broader crypto market, the leading cryptocurrency has seen a significant increase in the value of Optimism (OP) as well.
Ripple’s recent victory against the US Securities and Exchange Commission has sparked a green wave, with investors expressing renewed confidence in the industry.
In this prosperous environment, OP Coin of Optimism Network stands tall, exhibiting an impressive growth of around 15% in the last seven days.
But can Optimism Networks maintain its upward trajectory in the face of regulatory challenges?
OP Bulls Target $1.3 Resistance Level
In the ever-changing landscape of the cryptocurrency market, the current price of OP Coin on CoinGecko reached $1.38, showing a remarkable gain of 14.2% in the last 24 hours. Additionally, within the last seven days, the coin has seen an impressive growth of 14.7%.
Source: Coingecko
Since the first week of July, the OP has been trading below the $1.3 mark. However, a op price report Note that bullish investors are eyeing this crucial range to turn the H2 formation (see chart below) into a bullish one.
The resistance level of $1.3 has posed a challenge to the price of OP coin, preventing it from crossing this crucial point. The bulls in the market are attempting to clear this hurdle, which will indicate a possible bullish trend for the coin.
Breaking the resistance level requires the bulls to employ a variety of strategies and take advantage of the market dynamics to their advantage. One approach is to increase buying pressure by generating higher demand for the asset.
This can be achieved by positive news, better market sentiment or by attracting new investors. By accumulating buy orders, the bulls can potentially overcome the selling pressure and propel the price past the resistance level.
Related Reading: PEPE Price Dropped Over 60% From ATH – What’s Next?
Technical analysis also plays an important role. Bulls carefully analyze price charts and use technical indicators to identify patterns, trends and potential entry points. They look for signals that indicate breakouts or reversals in price movement.
OP market cap currently at $912 million. Chart: TradingView.com
Altcoins rally
as the news Ripple wins against the SEC spreads, a huge boom was observed in the crypto market. Ripple’s native cryptocurrency, XRP, is up over 60% at the time of writing.
Congrats #XRParmy, It’s our time to shine!!!
— wEeZiEX💭FireGaryGensler (@NerdNationUnbox) 13 July 2023
This Remarkable Climb Has Sparked Excitement Within The “XRP Army” Community on Twitter, CoinGecko data shows that XRP is currently trading above $0.76. Apart from the extraordinary rally of XRP, several other altcoins have also posted significant gains.
Altcoins such as Solana, Polygon, and Cardano, which were previously under investigation and classified as potential securities by the SEC, have taken advantage of this rising tide in the crypto market.
(The contents of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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