Following a slight enchancment within the broader cryptocurrency market, Optimism (OP) has posted constructive good points at present, August 2. The token is now over 10% greater than seven days in the past. Optimism’s acquire has positioned it among the many top-gaining cash at present, with an almost 3% acquire within the final 24 hours.
Optimism Worth Motion as Bulls Battle to Prevail
Based on CoinMarketCap knowledge, Optimism peaked at $1.6712 on Wednesday morning, an over 5% enhance from its past-day worth. Nevertheless, as a result of intense battle between the consumers and sellers, OP has receded from the day peak and is now traded at $1.63, with a 3.08% worth enhance.
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Optimism maintained a reasonably bullish momentum from July 13 to August 2, mirrored in its over 22% 30-day worth enhance. Whereas the uncertainty about its subsequent worth motion stays excessive, speculations counsel the next developments would possibly affect the OP’s market outlook within the coming days.
Optimism May Face Backlash Due To The Latest BASE Exploit
Coinbase’s newly launched BASE community constructed on the Optimism Stack reportedly witnessed a backdoor contract exploit, resulting in the lack of 597 Ether value roughly $1 million.
Based on on-chain investigations, the exploiters infiltrated a BASE Chain’s backdoor contract, constantly minted tokens, and bought them for revenue. Knowledge exhibits that the perpetrator tackle already minted 40 completely different tokens, producing roughly 597 Ether in revenue, which has been moved out.
Speculations are that the exploit would possibly influence all protocols linked to it, together with the Optimism community, since BASE anchors the OP Stack. Additionally, the BASE hype attracted a number of new crypto addresses to the Optimism community. The latest hack could depress investor sentiment, probably impacting OP’s worth.
The variety of lively addresses on the Optimism community grew considerably over the previous couple of months after BASE’s launch in late February. Nevertheless, this development could possibly be stalled as a result of unlucky occasion on the BASE community.
OP Worth Outlook; Will the Bulls Maintain the Rally?
The OP/USD every day chart demonstrates OP’s bullish momentum because the bulls battle to safe greater market positions for the coin. OP has surpassed its two crucial help ranges, and the bulls present no signal of stopping, evident within the quick inexperienced candlesticks shaped above the $1.631 help stage.
The Transferring Common Convergence/Divergence is above the sign line with inexperienced histogram bars that mirror the asset’s bullish momentum. As well as, the RSI has crossed the overbought area and now sits at 75, demonstrating elevated shopping for stress on OP.
Nevertheless, a bearish development reversal is feasible because the consumers have reached saturation and will recede as a consequence of a decline in momentum.
As of the time of writing, OP trades at $1.63. However the subsequent few hours are crucial as the worth may decline to $1.61 if the bears reclaim management.
Featured picture from Pixabay and chart from TradingView.com
