Optimism price bearish as 24.16M OP tokens flood the market
Optimism (OP) has been in investor radar lately due to its attractive performance. Meanwhile, the token trades with a bearish outlook as it plunged beneath significant support. The downward stance emerges as the crypto expects pessimistic catalysts on November 30. OP traded at $1.67 at press time, dropping 1.65% in the past day.
Optimism’s massive token unlock
Optimism prices declined over the past day, though the trading volume remained elevated. The project expects more coins to enter the market.
Unlock token
On November 30th at 12:00 PM, Optimism token ($OP) will unlock 24.16 million tokens (approximately $43.73 million), constituting 2.74% of the circulating supply.
💰 #Optimism #TokenUnlock #Insider
— Optimism Trending (✨🔴_🔴✨) (@OptimismT72002) November 29, 2023
The OP network will unlock 24.16 million coins, worth around $40.59 million, on Thursday, November 30. That represents 2.74% of Optimism’s overall supply. Meanwhile, the project will allocate the unlocked coins to core contributors and investors. T
These individuals will likely sell the asset for quick returns, translating to magnified bearishness for the crypto.
The digital coin’s price saw wild volatility during the previous unlock events, fluctuating 10% up and down before and after.
Meanwhile, the current situation shows Optimism will likely dip. Santiment data shows the project hasn’t seen fresh cash flow lately. Moreover, the 24-hour active addresses have plummeted, confirming reduced addresses transacting OP.
OP price outlook amid immense token unlock
Optimism lost the $1.723 mark (the mean level of the supply region stretching between $1.653 and $1.818. Meanwhile, the Relative Strength Index highlights further dips for the asset (considering surged bear actions).
The southbound RSI signals weakening buying momentum. That shows investors could be escaping more losses. Also, Awesome Oscillator’s red histogram bars indicate bear advantage.
Magnified selling activities could plunge Optimism prices towards the psychological level of $1.600. Failure to steady above this footing might call the support at $1.449, leading to a 15% plunge from current prices.
Nonetheless, the crypto market has displayed resilience, and Optimism could see a bull resurgence. Such developments could propel the alt to $1.723. Converting this level as support might extend the surges towards $1.800 – 7% beyond current prices.
The post Optimism price bearish as 24.16M OP tokens flood the market appeared first on Invezz