OP price analysis: can Bedrock upgrade trigger fresh optimism?

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  • The Bedrock upgrade can be a major positive for Optimism, increasing the OP’s price.
  • Adopting optimism could see more demand from the OP, helping its price.
  • The OP price is down 3% over the past 24 hours and 23% over the past two weeks as the coin is trading near $1.63 at the time of writing.

Optimism (OP), a Layer 2 scaling solution for Ethereum, has seen its native token price drop by 23% so far in May (as of May 16, 2023).

Cryptocurrency markets slide amid widespread selloff bitcoin (btc) struggling to break above $27,000 and Ethereum (ETH) Retest of the support area near $1,800.

Sentiment in the broader crypto market continues to be bearish after last week’s decline. Optimism value can therefore fluctuate with the overall market outlook, with cryptocurrencies in particular likely to react to macroeconomic news.

But one thing that could help add to the positivity for the altcoin price is the upcoming Bedrock upgrade.

Optimism Value Outlook – When is the Bedrock Upgrade?

On Monday, L2 Platform announced The expected release date for the launch is 6th June 2023.

Bedrock Optimism is a major upgrade to the network that will make it faster, cheaper and more secure.

Things that come with the Bedrock upgrade include full EVM compatibility, higher scalability and network improvements to the effect of lower transaction fees.

Optimism (OP) Price Prediction

Looking at the OP price, it is down almost 3% in the last 24 hours, 23% in the last two weeks, and almost 39% in the last 30 days.

Recently as CoinJournal Thrown light on On optimism, price predictions for Tron and Stack, it appears that the bears have the upper hand. The outlook is maintained with the current price at $1.63 due to be down -49% from the all-time high of $3.22 on 24 February 2023.

OP Price Chart. Source: trading view

While the price reaction for confirmation was not great, a reversal in the sentiment in the next two weeks could see OP/USD take a fresh leg in the upside.

Again, a successful upgrade could help boost the price of OP, with optimism becoming a more attractive option for developers and users and increasing demand for the OP token. The OP is currently oversold but facing major resistance near the $1.82 and $2.16 levels.

On the downside, especially if the bearish technical picture persists, the coin price could decline towards $1.15 and $0.87.

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