Optimism (OP) Price Rises After Upbit Listing Announcement Amid Potential Short-Term Pressure
Main Idea
Optimism (OP) price surged 15% following its listing announcement on Upbit, with trading pairs in KRW, BTC, and USDT, despite potential short-term selling pressure from an upcoming token unlock.
Key Points
1. Optimism (OP) price increased by 15% after Upbit announced its listing, reaching a two-month high.
2. Trading pairs on Upbit include KRW, BTC, and USDT, with deposits and withdrawals restricted to the OP-Optimism network.
3. Upbit emphasized compliance with the Travel Rule, warning of potential delays for deposits from unapproved exchanges.
4. OP's trading volume spiked by 309.90% to $520.8 million following the listing news.
5. Analysts noted a breakout from a falling wedge pattern, with price targets of $1.49, $1.97, and $2.94, and a long-term projection of $5.
6. A token unlock event on July 31 will release 31.34 million OP tokens (1.79% of circulating supply), potentially causing short-term selling pressure.
Description
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