- The Bedrock improve may very well be a significant optimistic for Optimism, boosting the worth of OP.
- Elevated adoption of Optimism may see additional demand for OP, serving to its worth.
- OP worth was down 3% previously 24 hours and 23% previously two weeks because the token traded close to $1.63 on the time of writing.
Optimism (OP), a Layer 2 scaling resolution for Ethereum, has seen the worth of its native token fall by 23% to date in Might (as of 16 Might, 2023).
The decline comes amid a broader sell-off within the cryptocurrency market, with Bitcoin (BTC) struggling for a foothold above $27,000 and Ethereum (ETH) retesting help areas close to $1,800.
Sentiment throughout the broader crypto market continues to lean bearish after final week’s downturn. Optimism worth may subsequently fluctuate with general market outlook, notably as cryptocurrencies are more likely to react to macroeconomic information.
However one factor that might help an uptick in positivity for the altcoin’s worth is the upcoming Bedrock improve.
Optimism worth outlook- when is the Bedrock improve?
On Monday, the L2 platform introduced the anticipated launch date for the launch as 6 June 2023.
🚨The official date of OP Mainnet’s improve to Bedrock has been set: June 6, 2023 at 16:00 UTC!
The improve would require 2-4 hours of downtime for OP Mainnet.
Go to Mission Management for full particulars on what to anticipate:https://t.co/o6UjKZaVKy
— Optimism (✨🔴_🔴✨) (@optimismFND) Might 15, 2023
Bedrock is a significant improve to the Optimism community that can make it sooner, cheaper, and safer.
Among the many issues to return with the Bedrock improve are community enhancements to the impact of full EVM compatibility, increased scalability and lowered transaction charges.
Optimism (OP) worth prediction
Taking a look at OP worth, it’s down almost 3% previously 24 hours, 23% previously two weeks and almost 39% previously 30 days.
As CoinJournal not too long ago highlighted in a worth prediction for Optimism, Tron and Stacks, it seems the bears have the higher hand. This outlook stays with the present worth at $1.63 being -49% from the all-time excessive of $3.22 reached on 24 February 2023.
OP worth chart. Supply: TradingView
Whereas worth response to the affirmation wasn’t nice, a flip in sentiment over the subsequent two weeks may see OP/USD take a brand new leg to the upside.
Once more, a profitable improve may assist increase the worth of OP, with Optimism turning into a extra enticing choice for builders and customers and rising demand for the OP token. OP is presently oversold, however faces key resistances round $1.82 and $2.16.
On the draw back, particularly if the bearish technical image holds, the token’s worth may fall to $1.15 and $0.87.
