The recent decline in the price of optimism has helped create a strong buy signal with long-term holders at record lows.
Optimism (OP) price is down 9.6% over the past 24 hours and is trading at $1.33 at the time of writing. It is worth noting that the asset has been steadily declining from its all-time high of $4.85 on March 6.
The market cap of OP is currently $1.57 billion, making it the 48th largest cryptocurrency. On the other hand, the daily trading volume of the coin has increased by 23%, reaching $145 million.
According to data provided by Santiment, the RSI for OP is hovering around 41 at the time of writing. The indicator shows that optimism is slightly oversold at this price point.
Data from the market intelligence platform shows that long-term OP holders have remained static despite the recent price drop. According to Santiment, the one-year dormant Optimism trading volume has dropped from 132,510 to 14,701 tokens — a one-month low — over the past 24 hours.
According to Santiment, the daily divergence of OP Active is 114% at the time of writing. The indicator is showing a strong buy signal for OP while the high trading volume indicates high price volatility.
Moreover, the total funding rate raised by Optimism has increased from -0.003% to 0.002% over the past day. At this point, traders are also optimistic about the OP price going up.
However, macroeconomic events may have a strong impact on financial markets, including cryptocurrencies, despite the bullish indicators. On August 9, analysts at Coinbase Research believe that macro pressure may put the crypto ecosystem on edge over the next few weeks.
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