Is It Too Late to Buy Optimism? OP Price Rockets Up as Coinbase Announces Base Launch Date and Viral Meme Coin Shibie is the Next Crypto to Explode

cryptonews.com:

Ethereum layer-2 scaling solution Optimism (OP) has been on a multi-month climb as markets brace with anticipation for a huge upcoming Coinbase BASE listing.

Coinbase's decision to list BASE (an Ethereum layer-2 blockchain developed in-house by Coinbase) has ignited a frenzy in the markets for OP, with traders emboldened by the idea that BASE is built using Optimism-based technology.

With BASE due to begin trading on Coinbase on August 9, OP could enjoy a significant rally over the next week in the run-up.

As hype grows in the crypto community, OP is trading high at a current price of $1.71 (a 24-hour change of -0.06%).

This comes as OP faces milestone resistance from the $1.75 price level, which fuelled over 20 days of hard-fought resistance-testing back in May.

Despite the ceiling of resistance, OP has undertaken an impressive run since the start of Summer, with OP value surging +65% since the start of June.

Strong footing for this rally has come from the ascendent 20DMA, which carried the price up from $1.20 to $1.50 in July.

The upside move has poised OP to reclaim critical support from the 200DMA (last seen May 8), with the 200DMA price level at $2.00 now forming a topside target ahead of the BASE listing.

While technical structure is in good form, OP's indicators provide more reason for caution.

Optimism's RSI has heated up dramatically throughout the OP rally, now stood with an overbought signal at 67.81.

This bearish divergence suggests that OP price structure could be due a period of consolidation or retracement.

However, the MACD remains bullish with a minor divergence to the upside at 0.015.

Overall, with a perfect recipe of impressive fundamentals and strong technical structure, OP appears poised to surge - providing an