Upbit, South Korea’s leading crypto exchange, announced the listing of the Ethereum layer 2 scaling solution’s native token OP.
Optimism (OP) price is up double-digits, mirroring moves by PancakeSwap, Ethena and SPX6900 as top altcoins by 24-hour gains.
Gains for the native token of the Ethereum layer 2 scaling solution come amid a major boost from Upbit, South Korea’s dominant crypto exchange.
With new trading pairs set to launch for OP, price could follow.
Upbit, a titan in South Korea’s crypto landscape, is rolling out new trading pairs for Optimism (OP).
The exchange said this in an official announcement posted earlier today.
In it, Upbit confirms that trading support will kick off at 16:30 KST, bringing massive trading volume and liquidity to OP.
With South Korea being a big crypto market, this news has buoyed OP’s daily volume and price.
As noted, Optimism has managed an impressive 13% spike from its recent trough of $0.71 to a peak of $0.84.
The surge is accompanied by a staggering 420% spike in trading volume, which surged past $700 million.
It’s a reaction that reinforces Upbit’s reputation as one of crypto’s biggest exchanges by daily volume.
The listing may bolster bulls and bring new highs into the picture.
OP has also traded higher in recent weeks after $956 billion asset manager Hamilton Lane expanded its flagship fund, Senior Credit Opportunities Securitize Fund (SCOPE), to Optimism and the Ethereum mainnet.
As the crypto market holds onto bullish sentiment and analysts say altcoin season is yet to unfold, one of the coins to watch is Optimism.
The OP token teeters on the verge of a breakout, with Upbit’s listing a potentially huge catalyst.
Notably, the exchange’s vast user base and low 0.05% KRW trading fees could propel OP into the spotlight, potentially attracting both retail and institutional players.
A look at technical indicators shows bulls have an upper hand.
The daily chart has a rising Relative Strength Index (RSI), which signals robust buying pressure.
OP’s price outlook is also positive as indicated by the Moving Average Convergence Divergence (MACD), currently sporting a bullish crossover.
While Optimism price hovers near $0.82 at the time of writing, upside momentum amid fresh retail demand could help push it past $1.
The token last traded at highs of $1.2 in April. If buyers reclaim this level, a break to $2 and YTD peak of $2.1 is likely.
However, if sellers emerge amid the Upbit listing-driven hype, primary support levels are around $0.74 and $0.68.
