Will Optimism [OP] holders see a brand new bear cycle quickly

Optimism’s native token OP witnessed a pointy decline of 10% through the intraday buying and selling session on 17 August. The decline got here on account of a bunch of rumors that Optimism’s multisignature {wallet} had been hacked.

The hack scare occurred after the L2 blockchain’s multisignature {wallet} posted a suspicious transfer on the chain.

Earlier in June, Optimism misplaced 20 million OP tokens attributable to an error between multisignature addresses.

Contemplating the gravity of the scenario, Optimism instantly took to Twitter on the night of 17 August to debunk the rumor.

The tweet defined to its customers that the OP transfers out of the multisignature handle have been a sequence of scheduled transfers made to the Coinbase Custody {wallets}.

As quickly as Optimism clarified the misunderstanding, the OP token did handle to point out some restoration. However was that sufficient? 

Nonetheless having a troublesome time?

Following the fast 10% decline within the value of the OP token on 17 August, the worth corrected to its preliminary place after Optimism debunked the rumor and warranted buyers of the protection of their funds.

Nonetheless, knowledge from CoinMarketCap revealed a constant decline within the value of the token prior to now two days.

As of this writing, it traded at $1.18, dropping by 11% because the hacking scare of 12 August.

Moreover, the worth of the token has gone down by over 30% in August. This decline got here after the bull run in July that triggered the token to rally by 60%. 

Issues didn’t look good for OP on a each day chart. Within the final 24 hours, its value was down by 12%.

Presently, exchanging palms at its June stage, the token’s value was down 73.98% from its all-time excessive of $4.57.

With waning shopping for strain, the token’s Relative Power Index (RSI) and Cash Circulate Index (MFI) have been noticed in a downtrend under the 50-neutral area.

As of this writing, the RSI and MFI have been 40 and 33, respectively.

The Transferring Common Convergence Divergence (MACD) additionally revealed {that a} new bear cycle for the OP token commenced on 9 August.

Subsequently, an additional value decline must be anticipated.

Will Optimism [Op] Holders See A Brand New Bear Cycle Quickly

Supply: TradingView

It’s all downhill

Information from Token Terminal revealed that the L2 Blockchain had seen a decline in its each day income within the final seven days. 

As of 17 August, Optimism registered a each day income of $18,000, representing a 12% decline within the final seven days.

Prior to now three months, each day income on the community declined by 36.7%. After logging an all-time excessive each day income of $492,000 on 12 Might, income on the community has since declined.

Will Optimism [Op] Holders See A Brand New Bear Cycle Quickly

Supply: Token Terminal

Moreover, the cumulated income on the community since 23 February has stood at $9 million. This represented a 25% income hole from the $12 million made by Arbitrum inside the identical interval.

Will Optimism [Op] Holders See A Brand New Bear Cycle Quickly

Supply: Token Terminal



See Also
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