Optimism price made a strong recovery on Monday as investors bought the recent dip. OP rose to a high of $0.88, which was about 40% above the lowest level last week. Still, OP price has plunged by more than 80% from its highest level in June.&
Optimism ecosystem growth&
Optimism is one of the biggest layer-2 networks in the world. It is a blockchain project that was developed to help developers supercharge their& Ethereum applications.&
Optimism competes with& Polygon and other layer 2 networks like Immutable X and Loopring. By using its stack, developers are able to take advantage of its significantly fast speeds and low transaction costs.&
Optimism has been used by some of the best-known applications in Ethereum’s network. Some of the most popular apps in its ecosystem are Synthetix, Aave, Perpetual Protocol, Uniswap, Velodrome, and Quix, among others.&
Data compiled by DeFi Llama shows that its performance in the DeFi market has held relatively well recently. It has a total value locked (TVL) of more than $1.6 billion, which is much higher than the $307 million it had when the year started.&
Aave v3 is the biggest DeFi protocol in Optimism, with a TVL of over $1 billion. It is followed by Velodrome, Curve, and Stargate Finance.&
Optimism price is in a recovery mode as investors react to the strong performance of Stargate Finance. Its TVL has risen by more than 60% in the past 30 days to over $47 million. As a result, the STG coin rose by more than 10% in the past 24 hours.&
Last week, Optimism announced the launch of OP Stack, a set of modular components ready to assemble into custom chains to fit any use case. The developers hope that more builders will use these tools to build their applications.&
Optimism price prediction&
The four-hour chart shows that the OP price has been in a recovery mode in the past few days. It managed to move from last week’s low of $0.635 to a high of $0.885.&
Optimism rose above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved above the overbought level. It has also done a break and retest pattern by retesting the support at $0.778.
Therefore, the coin will likely continue rising as bulls target the next key resistance at $1. A drop below the support at $0.778 will invalidate the bullish view&
How to buy Optimism
The post Down by 80%, is Optimism OP price cheap enough? appeared first on CoinJournal.
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