- Binance announced their integration of BUSD with the Optimism Network yesterday.
- The announcement resulted in a mini pump in OP’s price.
- This euphoria seems to be fading as OP’s price now rests on a key support level.
The largest crypto exchange in terms of trading volume and client accounts, Binance, has recently integrated a Binance-Pegged BUSD on the Ethereum (ETH) layer-2 platform, the Optimism Network.
In a press release yesterday, Binance announced that their users can now begin depositing and withdrawing the wrapped token through the Optimism Network. Binance USD (BUSD), is the native stablecoin of the Binance ecosystem, and currently has a market cap of $16,076,035,461, according to CoinMarketCap.
The announcement has had a positive impact on the price of Optimism (OP), the native token of the Optimism Network. At press time, the altcoin’s price is up 2.61% over the last 24 hours. As a result, OP’s price stands at $2.81.
OP algo gained some strength against the two crypto market leaders. Currently, OP’s price is up 4.31% against Bitcoin (BTC) and 4.52% against Ethereum (ETH).
The price of OP is presently resting on a key support level at around $2.806. It is also receiving some support from the 9 EMA line on its 4-hour chart.
Technical indicators on OP’s 4-hour chart are still bullish. One such indicator is the RSI, with the daily RSI positioned above the RSI SMA line at press time. Another bullish technical flag is the 9 EMA line on the 4-hour chart being positioned above the 20 EMA line..
Despite these two bullish flags, traders will want to tread carefully in the coming 24 hours as the RSI line on the 4-hour chart is on the verge of crossing the RSI SMA line.This may be an early indication of a reversal of the bullish trend.
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