• Lookonchain famous in a tweet at the moment {that a} whale not too long ago transferred 1.04 million OP to Binance.
• In response to the blockchain monitoring agency, the whale had bought a number of the tokens at a loss attributable to concern of at the moment’s token unlocks.
• At press time, OP was buying and selling at $1.47 following a 3.62% drop in value over the previous 24 hours.

The blockchain monitoring agency Lookonchain tweeted earlier at the moment {that a} whale not too long ago made a big Optimism (OP) deposit to Binance. In response to the put up, the whale had despatched 1.04 million OP, price roughly $1.48 million.

Shortly after making the huge deposit, the agency famous that the whale had bought some OP tokens at a loss. Lookonchain believed that the whale had carried out this out of concern of the upcoming OP unlock occurring later at the moment, which can end in thousands and thousands of OP being dumped within the subsequent 24 hours.

At press time, the altcoin’s value stood at $1.47 following a 3.62% drop over the previous 24 hours, in keeping with CoinMarketCap. Throughout this time interval, OP additionally weakened in opposition to the 2 crypto market leaders Bitcoin (BTC) and Ethereum (ETH) by 1.30% and 1.90% respectively. In consequence, 1 OP was price 0.00005426 BTC and 0.0007878 ETH.

The each day chart for OP/USDT confirmed that the altcoin’s value had been in a downward pattern since 19 April 2023. Since then, the altcoin dropped beneath two key help ranges, in the end flipping them into resistance. The primary key degree that was breached was $2.399, which OP had dropped beneath on 21 April 2023. Thereafter, OP’s value closed beneath $1.927 on 6 Might 2023.

At press time, the crypto’s value was hovering barely above the $1.362 help degree. The 9-day EMA was nonetheless bearishly positioned beneath the 20-day EMA, which instructed that OP’s value would proceed to fall within the subsequent 24 hours. The each day RSI line was positively sloped, nevertheless. Ought to it cross the RSI SMA, OP will enter right into a bullish cycle.

Ought to OP’s value shut at the moment’s buying and selling session above the aforementioned $1.362 mark, then it might look to interrupt above the 9-day and 20-day EMA strains within the subsequent 24-48 hours. This may place its value round $1.722. Alternatively, a detailed beneath $1.362 will put the altcoin’s value prone to dropping to simply over $1 in the following couple of days.

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