- The Bedrock improve may very well be a serious optimistic for Optimism, boosting the worth of OP.
- Elevated adoption of Optimism may see additional demand for OP, serving to its value.
- OP value was down 3% prior to now 24 hours and 23% prior to now two weeks because the token traded close to $1.63 on the time of writing.
Optimism (OP), a Layer 2 scaling answer for Ethereum, has seen the worth of its native token fall by 23% thus far 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 value may subsequently fluctuate with general market outlook, significantly as cryptocurrencies are more likely to react to macroeconomic information.
However one factor that might support an uptick in positivity for the altcoin’s value is the upcoming Bedrock improve.
Optimism value outlook- when is the Bedrock improve?
On Monday, the L2 platform announced 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) May 15, 2023
Bedrock is a serious improve to the Optimism community that may make it sooner, cheaper, and safer.
Among the many issues to come back with the Bedrock improve are community enhancements to the impact of full EVM compatibility, greater scalability and lowered transaction charges.
Optimism (OP) value prediction
Taking a look at OP value, it’s down practically 3% prior to now 24 hours, 23% prior to now two weeks and practically 39% prior to now 30 days.
As CoinJournal lately highlighted in a value prediction for Optimism, Tron and Stacks, it seems the bears have the higher hand. This outlook stays with the present value at $1.63 being -49% from the all-time excessive of $3.22 reached on 24 February 2023.
OP value chart. Supply: TradingView
Whereas value 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 enhance the worth of OP, with Optimism changing into a extra engaging possibility for builders and customers and rising demand for the OP token. OP is at the moment 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 value may fall to $1.15 and $0.87.