The OP price is currently trading at $2.269 while seeing a change of 44% in 24-hour trading volume.

The OP price is observing an increase of 1.45% in the last 24 hours.

The OP price might make a bearish correction in the upcoming days.

The bears are currently making a severe attempt to take control of the OP price action. After taking rejection from the price of $3.263 twice the OP price made a bearish double-top pattern followed by a lower low. The double-top is an M-shaped bearish reversal pattern that is often seen at the top of a trend.

In the double top pattern, a price after making a higher high takes rejection from the previous resistance level indicating that the buyers are refusing to support the price above the rejection point which is often followed by a sharp downfall. At this point, the sellers start taking over the price action.

OP price making a bearish reversal on the (Daily Timeframe)

Source: OP/USDT by TradingView

As illustrated in the image given above the OP price after taking support from $1.000 made a bullish rally and started trading on an uptrend. After making an extremely bullish rally the price took a rejection from $3.263 it made a bearish correction of 35 percent the OP price made another attempt to cross above the resistance level but did not succeed.

From that point, the price made a severe downfall of 45 percent, breaking the previous bull trend by making a lower low pattern. Subsequently, the OP price made a lower high which might be followed by a lower low. Although OP price has major support below the current level in the form of 200 EMA.

Technical Analysis ( On 1 Day Timeframe )

Source: OP/USDT by TradingView

The RSI line after reaching the overbought level in early January started making a divergence from the price action. Where the price was making a higher high and higher low RSI line was making a lower high and lower low. Which is a bearish reversal signal. After this Open Network price broke its bull trend near early march when the RSI line crossed below the median line. The current RSI value is 46.72 points which are taking resistance from the 14 SMA around 46.98 points.

Conclusion

The Open Network price is currently trading above the 200 EMA which is a critical EMA line that indicates whether the particular price action is on a bull or bear trend. According to this, the OP price is currently trading on the overall bull trend. Although the price action and indicators are suggesting that Open Network price can take a bearish correction. The 20 EMA has recently crossed below 50 EMA whereas, on the other hand, Open Network is also taking resistance from 50 EMA. From which it can make a downfall of 21 percent.

Technical levels –

Support -$2.027 and $1.768

Resistance – $3.000 and $2.600

#optimism #Binance #crypto2023 #crypto #cryptotrading

Optimism-based lending protocol, Kokomo Finance, has come under suspicion of conducting an “exit scam” worth around $4 million. The alleged rug pull was brought to light by blockchain security firm CertiK, who alerted its followers to the incident via a tweet on March 26.

According to CertiK, the Kokomo Finance token (KOKO) fell by a staggering 95% in value within minutes, after the deployer of KOKO attacked the smart contract code of a wrapped Bitcoin token, cBTC. The attacker reportedly reset the reward speed and paused the borrow function before approving the new cBTC smart contract to spend over 7000 Sonne Wrapped Bitcoin (So-WBTC).

@azcoinnews

The attacker then called another command to swap the So-WBTC to an address starting with “0x5a2d,” which resulted in a $4 million profit for the address. CertiK also highlighted that Kokomo Finance removed all its social media accounts immediately after the alleged scam took place.

Kokomo Finance is an open-source and noncustodial lending protocol on Optimism, where investors could trade wBTC, Ether (ETH), Tether (USDT), USD Coin (USDC), and Dai (DAI). The platform has not made any official statements on the alleged scam.

The incident raises concerns over the security of DeFi protocols, as several similar incidents have occurred in recent times. Rug pulls and exit scams have become commonplace in the DeFi space, leading to massive losses for investors.

The alleged scam also highlights the importance of conducting thorough research before investing in any DeFi project. Investors should evaluate the project’s credibility, security, and transparency before putting their money into it.

Overall, the alleged exit scam by Kokomo Finance is a reminder of the risks involved in investing in DeFi projects, and investors should always exercise caution and due diligence.

#Kokomo #Kokomofinance #DeFi #optimism #azcoinnews

This article was republished from azcoinnews.com

Today, in the world of cryptocurrency, Sei, Optimism, Akash Network, and Avalanche have shown remarkable gains.
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Sei’s surge is driven by positive market vibes, showcasing its technology for digital asset trading. Optimism stands out for its resilience amid market shifts, boosted by recent partnerships and network expansion. Akash Network’s climb highlights its innovative cloud computing approach, while Avalanche’s rise is fueled by its growth potential and upcoming network enhancements, cementing its role in the crypto world. Investors are eagerly awaiting future developments.

Dynamic Day in the Crypto Market
Today’s cryptocurrency market demonstrated strong activity, with a remarkable trading volume of $243.88 billion recorded in the last 24 hours. The prevailing bullish sentiment was evident as 94% of cryptocurrencies registered gains during this period.
Leading the charge, Nervos Network Price (CKB) saw an impressive surge of 56.20%, reaching $0.007431. Conversely, API3 Token (API3) experienced the largest decline of the day, dropping by -3.52% to a price of $3.57.
Sei: A Standout Performer in the Crypto Market
Investors are closely monitoring Sei amid a significant surge among today’s top crypto gainers. The recent rise of Sei reflects a bullish market sentiment, with the Greed/Fear Index hitting an extreme level of 79 (Extreme Greed). Currently priced at $0.740470, Sei has experienced an impressive 11.26% surge in the last 24 hours, elevating its market capitalization to $1.80 billion and securing its position at #11 in the Proof-of-Stake Coins sector and #27 in the Layer 1 sector.
Sei distinguishes itself with innovative technology tailored for digital asset trading. Its advanced consensus mechanism and technical capabilities position it as one of the fastest blockchains available, specifically catering to the requirements of exchanges and decentralized trading platforms. The native token of the Sei blockchain, SEI Coin, offers users unmatched speed, efficiency, and security in transactions, setting it apart in the competitive cryptocurrency landscape.
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Despite recent market fluctuations, Sei maintains its competitive edge and demonstrates resilience against major cryptocurrencies. Over the last month, Sei has experienced a slight downturn, showing a decrease of -2.03% against Ethereum and -12.92% against Bitcoin. However, with a trading volume of $728.76 million and a market dominance of 0.10%, Sei exhibits strong liquidity and market presence.

Optimism: Advancing Ahead of Bitcoin Halving
Optimism has emerged as one of today’s top crypto gainers, making significant strides in anticipation of the Bitcoin halving in 2024. A recent partnership announcement with Base, focusing on protocol management and economics, aims to bolster Optimism’s features and attract more users.
Despite a minor decline in trading value from $4.57 to $3.72, OP remains a major player in the Ethereum ecosystem. This dip does not overshadow its resilience, especially amidst a broader altcoin rally triggered by Bitcoin’s surge to over $48,000.
Optimism boasts a market cap of $799.71 million and a 24-hour trading volume of $806.33 million. Additionally, OP is trading well above its 200-day simple moving average, currently at $1.598170, indicating market stability and investor confidence.

Experts view cryptocurrencies, like Optimism, as hedges against volatility in traditional assets. This sentiment is particularly evident amid concerns about the stability of the U.S. banking system following the struggles of New York Community Bancorp. Optimism’s integration with Orderly Network has led to an impressive 800% increase in addresses, demonstrating growing interest in the platform.
Akash Network: A Standout Performer Among Top Crypto Gainers
Among today’s top crypto gainers stands Akash Network, drawing attention for compelling reasons. Currently priced at $3.29, Akash Network has experienced an 8.15% surge in the last 24 hours, accompanied by a significant increase in market capitalization to $749.12 million.

Akash holds the #17 position in the Proof-of-Stake Coins sector and #6 in the AI Crypto sector, driven by a bullish market sentiment reflected in the Greed/Fear Index rising to 79.
A standout feature of Akash Network is its innovative technology, utilizing blockchain to establish an open-source, decentralized marketplace for cloud computing. This approach delivers unmatched speed, efficiency, and affordability to users.
The utility of AKT extends beyond cloud computing, facilitating staking, governance, and transactions within the ecosystem. This incentivizes network operation and fosters active participation. In terms of performance, Akash has exhibited impressive month-to-date growth, with a 14.88% increase in the last month. It has also outperformed 94% of the top 100 crypto assets in the past year, including Bitcoin and Ethereum.

With a trading volume of $5.74 million and a market dominance of 0.04%, Akash Network demonstrates robust liquidity and market presence. Positioned as an innovator in cloud computing, Akash continues to attract attention and investment in the cryptocurrency space.
Avalanche Emerges as a Top Crypto Gainer
Avalanche has once again secured a place among today’s top crypto gainers, witnessing a notable increase of 6.33% in the past 24 hours. This surge has propelled its current price to $41.40, with a substantial trading volume of $1.34 billion, driving its market capitalization to an impressive $15.21 billion. With a market dominance of 0.81%, this bullish momentum cements Avalanche’s position as a significant player in the crypto space.

Avalanche’s performance over the past year underscores significant growth potential, with a remarkable 134% increase in price. Outpacing 79% of its crypto counterparts, including Bitcoin and Ethereum, Avalanche’s upward trajectory is evident. Moreover, trading well above its 200-day Simple Moving Average, currently at $15.75, further bolsters investor confidence.

In recent news, Avalanche Network is preparing for two major events: the Durango upgrade activation and a token unlock, scheduled for February 13 and 22, respectively. These events hold significance for AVAX holders and may impact the token’s price. With pre-released code circulating and a focus on enhancing cross-chain communication, anticipation surrounds the network’s evolution.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#sei #optimism #akash #akt #avax