OP: too optimistic, perhaps?
Ethereum Layer 2 has been creating a lot of buzz lately, Optimism being probably the most notable one. It's made a classic "dump-and-pump", a characteristic of many airdrop tokens, and I bet you that many of those who sold at 0.5 are feeling that tingling FOMO right now.
Let's look into the metrics for OP. We won't have the luxury of looking into onchain data, as OP is not a ERC20, so working with what we have.
1) Elliot waves
I'm not a big expert on EW myself, but with some help from other team members I was able to sketch a somewhat plausible picture for the current price action:
If this is really the case, then expect a correction to around the bottom of wave 4 soon, but not more, as 5 waves tend to continue after that.
2) Trading volume
We can clearly see a divergence (new price high is not supported by a new volume high), and the strong spike of volume in wave 3 confirms the EW suggestion.
3) Social volume
Basically, same picture as with trading volume, strong spike in wave 3 but not much with the last price top.
Let's see how the situation unfolds, remember to take every analysis with a grain of salt and stay safe in your crypto ventures!
Thanks for reading!
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