Optimism Price Forecast And Should You Buy The OP Dip

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With the rising uncertainties in the Cryptocurrency market, Optimism price or OP is facing crashes since the last days of July. The prices are as low as 1.3690 USD. This is around 40% below the all-time high price in the market. 

With this fall, the market capitalization of OP is around 302 Million USD at present. The Crypto market is affecting OP in a negative way. The prices are facing a downfall from the peak rates. But, the major cause of such falling prices is certain rumors of hacking. With these rumors, the OP went down by around 10%. 

Everything About Optimism Price (OP) 

If you are wondering what OP is, then you may learn in this blog in detail. OP is a top Blockchain project of Layer-2. Its main aim is to assist all the developers in supercharging applications. On the other hand, it works in processing transactions from Ethereum’s main network as well. 

Competitors Of OP

With this, many big issues in the Blockchain of Ethereum. The Optimism Price aids in curating the issues like higher transaction charges and slow speed. This system has similar competitors like Loopring, Polygon, and ImmutableX. This ecosystem faces tough competition from these systems in the market. 

Applications Under OP’s Ecosystem

OP is of much use to the developers as it helps in supercharging applications. There are several applications in this network. Some of these applications are Velodrome, Aave v3, Perpetual Protocol, Synthetic, Curve, and Uniswap. There are several others apart from these as well. 

The report prepared by DeFi Llama reveals that the Total value locked in this network is rising. And, it is at its peak value of 1 Billion USD. This is a great rise because in July this value was around 200 Million USD. 

Ongoing Projects Of Optimism

The system of OP has several projects under it. It handles NFT projects as well. Many major NFT projects are operating under Optimism. Some of these are OptiPunks, Quixotic, NiftyKit, and Backed. Apart from these major ones, there are several other NFT projects under this network. 

There are different parts of Optimism, which are, Hop Exchange, Across, and Synapse Protocol. 

The Prices Of Optimism

The rates of OP have moved away from other digital currencies. In recent times, the values and prices of other coins are rising at a high rate. But, Optimism is falling at a high rate in current times. Though its TVL seems to be increasing, it is falling by more than 40% from the highest point. 

The reason behind OP’s drastic fall is the profit-seeking nature of the holders. After June of this year, the price of this token rose by 450%. Due to this, all the holders of OP were behind in obtaining profits alone. After a strong rise like that of 450%, it is natural for any assets to stabilize and even fall. All of these are the factors behind the present condition of Optimism. 

Price Forecast of OP

Various reports are forecasting the future prices of Optimism. With the help of the three-hour chart, you can notice that the highest move for this token this month is 2.23 USD. As traders are obtaining profits, it is falling by around 40%.

Also, OP is falling below the ISL at 1.3895 USD and it is the lowest point of this month. With this, the prices of Optimism may further fall and cause trouble for the traders. Also, there is a bullish trend in the market Optimism. But, this Token has to maintain a general range of 0.75 USD. 

Conclusion

If you are thinking of investing in this token, you must consider the falling market condition. Though the market of OP is showing a bullish trend. But, the analysts are expecting a further fall in OP. Considering all these factors, you should avoid buying OP Dip at present. You can start investing in this token once the market conditions are better. 

And, if you trade in cryptocurrencies, then visit Platform the official trading website. Here, you can learn about Crypto trading and the performances of various coins in the market. It is a trusted outlet by innumerable investors around the globe and you can trust it as well.

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