Leading Ethereum-scaling solution Optimism (OP) is stirring panic amongst holders due to a 10% price plunge over the past 24 hours.
This article will provide an analysis of OP’s current price trends and look to see whether a newer meme coin represents a more promising opportunity at this time.
Indeed, dentiment amongst crypto traders has flipped acutely bullish in recent days, as OP price analysis depicts the token is in the midst of a re-test with a key layer of topside resistance.
$OP –
Just Bought a Bagof #OP . Expecting a $WLD like run pic.twitter.com/UoFhdjgaQ1
— CryptoMoneyKing (@CryptoMoneyKing) February 20, 2024
Market analysts suggest that if this level is broken, OP could undertake a major price exploration rally, especially after the success of the fourth OP airdrop, which saw Optimism distribute rewards to NFT artists prominent on the chain.
OP Price Analysis: As Optimism Rebounds From -10% Retracement Drop – Could OP Price Be on Verge of Huge Breakout?
As price action stabilizes following the downside move, Optimism is currently trading at a market price of $3.79 (representing a 24-hour change of +0.90%).
However, despite the apparent rejection from topside resistance at $4.20, OP price action continues to show signs of strength as Optimism finds its feet at immediate lower support around $3.75.
With 20DMA support persisting at $3.55, in a continuance of rally structure ignited on February 5, OP’s downside risk is limited to a meagre -6% drop.
Meanwhile, the 200DMA remains ascendant in the trading channel, providing a further bedrock of support down at $2.10.
The retracement move appears to have had a healthy impact on OP’s key indicators, with the RSI cooling-off to 56.95, suggesting Optimism has the capacity to push to the upside here.
Whilst the MACD remains at minor bullish divergence, signalling at 0.021, as upside momentum continues to battle on against the resistance level.
Overall, OP price analysis paints an image of a healthy localized retracement move in the midst of a resistance test, that has quickly found feet – suggesting upside price action is likely to resume on the short-time frame.
This leaves Optimism with an upside target at $4.29 on the short-time frame (a potential +13.31%).
While downside risk could see OP fall to lower support at the 20DMA around $3.55 (a possible -6.23%).
OP price analysis therefore reveals a short-time frame risk: reward ratio of 2.14 – signalling a good entry with strong upside potential.
But while OP is facing upside potential on the short-time frame, a small +13.31% move is unappealing to small traders trying to make it big, and for this reason the SPONGE V2 token offers an excellent investment alternative.
Sponge V2 Launch ($SPONGEV2): Last Chance to Buy – Poised To Outperform OP Price Analysis?
Sponge V2, the latest iteration of the renowned Sponge ($SPONGE) meme coin, is making waves in the cryptocurrency market.
Following the phenomenal success of Sponge V1, which peaked at nearly $100 million in market cap and amassed over 13,000 holders, Sponge V2 arrives with promising innovations and opportunities for investors.
How to Acquire Sponge V2, Staking Mechanics explained and P2E Integration
Don't forget about the upcoming #SpongeV2 Play-to-Earn game!
Stay tuned for updates.
$SPONGE #Crypto #Altcoins #100x #Web3 #AltSeason #Binance pic.twitter.com/Z51MSmKqVF
— $SPONGE (@spongeoneth) February 21, 2024
Acquiring Sponge V2 is unique:
- Stake Sponge V1: Buy and stake V1 tokens via Sponge.vip or stake your existing V1 tokens.
- Earn More V2: The longer and more V1 tokens you stake, the more V2 tokens you earn.
Read more: Best Crypto to Invest In 2024
Sponge V2 introduces Play-to-Earn (P2E) utility, enhancing its ecosystem.
Stake your V1 tokens to earn V2, and engage in the upcoming P2E game to earn additional $SPONGEV2 tokens.
Moreover, this P2E game, a new utility in the Sponge ecosystem, will feature both free and paid versions for enhanced gaming and earning experiences.
Unique Aspects of Sponge V2 Over OP Price Analysis
- Exclusive Access: Earn $SPONGEV2 exclusively through $SPONGE staking.
- Bonus Rewards: Buying and staking $SPONGE offers special $SPONGEV2 bonuses.
- Passive Earnings: Staked $SPONGE tokens yield passive rewards, starting at a minimum 40% APY.
- Permanent Transition: Staking V1 tokens will result in their permanent locking, shifting the focus to V2 post-launch.
Sponge V2 Roadmap and Future Prospects
Sponge V2’s roadmap is ambitious, targeting 10,000 holders, Tier 1 CEX listings, and a $100M market cap.
The launch stages include the Sponge game’s development and the Sponge V2 claim and listing.
Sponge V2 is not just a sequel to its predecessor; it’s a reinvention with a focus on utility and community engagement.
The integration of P2E and exclusive staking mechanisms make it a standout project in the meme coin domain.
Stay updated on Sponge V2’s journey through social channels and witness its growth in the crypto world.
Get Sponge V2 Here
The post Is Optimism About to Crash? OP Price Plunges 10% as Spotlight Swivels to New Challenger Coin appeared first on Cryptonews.
