The cryptocurrency market is witnessing a surge of enthusiasm as the OP/Bitcoin trading pair records substantial gains. Notably, this digital asset has increased by more than 50% from its recent low, marking it as one of the strongest performers recently. This uptrend suggests a robust recovery and potential for further growth.
Crypto analyst Michaël van de Poppe has expressed optimism regarding the pair’s future trajectory. According to Poppe, every subsequent dip ranging from 20% to 30% presents a prime buying opportunity for investors seeking to capitalize on this momentum. Moreover, this strategy could potentially yield considerable returns if the current market conditions persist.
Source: Michaël van de Poppe
According to the chart analysis, the analyst has highlighted a distinct area of support at $0.00003801 where the OP token needs to manage to hold its value despite downward pressure. This zone signifies a level at which buyers should consistently enter the market, suggesting a base level of demand for Optimism.
Slightly below the current price, Van de Poppe has highlighted an area of resistance that OP needs to overcome to signal a stronger bullish momentum. This resistance zone is crucial; a breakthrough could potentially lead to increased investor confidence and a subsequent price rally.
Looking at Optimism’s current market performance, OP is trading at $2.70, up by more than 1% as the bullish momentum restored from the recent market slump. Over the past week, OP has been trading on an upward trajectory, recording an increase of 12% amid the monthly decline of 15%.
The market capitalization is standing at $2.82 billion, an increase of 1.60% since yesterday’s close, while the trading volume is at $538 million, displaying an increase of 2%. Should the bullish trend continue, OP could retest the $3 key level, which could pave the way for further gains.
