Optimism Price Jumps 7.78% as Supply Cap Sets Stage for Ecosystem Shift
Optimism's price has been on an upward trend, reaching $0.0979 after posting a daily gain of 7.78%. This surge in value comes as a result of Compound governance setting the supply cap to zero for seven low-demand LST and LRT collateral types on multiple blockchains, including Optimism, effective September 3.
This move is expected to reduce supply and liquidity for the affected collateral assets in the Optimism ecosystem, potentially changing lending and collateral strategies. According to traders, there is a 74% up probability that the price will continue to rise, with an expected two- to three-day range of $0.0837 to $0.0984.
The current momentum indicators show MACD and ADX giving Buy signals, while the RSI prints 69.771 (Buy). However, both the CCI and Stochastic RSI are in overbought territory, which may indicate short-term exhaustion.