- The Bedrock upgrade may very well be a significant constructive for Optimism, boosting the value of OP.
- Increased adoption of Optimism might see additional demand for OP, serving to its value.
- OP value was down 3% up to now 24 hours and 23% up to now 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 value of its native token fall by 23% to this point in May (as of 16 May, 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 might due to this fact fluctuate with general market outlook, significantly as cryptocurrencies are prone to react to macroeconomic information.
But one factor that might support an uptick in positivity for the altcoin’s value is the upcoming Bedrock upgrade.
Optimism value outlook- when is the Bedrock upgrade?
On Monday, the L2 platform announced the anticipated launch date for the launch as 6 June 2023.
????The official date of OP Mainnet’s upgrade to Bedrock has been set: June 6, 2023 at 16:00 UTC!
The upgrade would require 2-4 hours of downtime for OP Mainnet.
Visit Mission Control for full particulars on what to anticipate:https://t.co/o6UjKZaVKy
— Optimism (✨????_????✨) (@optimismFND) May 15, 2023
Bedrock is a significant upgrade to the Optimism community that can make it sooner, cheaper, and safer.
Among the issues to return with the Bedrock upgrade are community enhancements to the impact of full EVM compatibility, increased scalability and diminished transaction charges.
Optimism (OP) value prediction
Looking at OP value, it’s down almost 3% up to now 24 hours, 23% up to now two weeks and almost 39% up to now 30 days.
As CoinJournal not too long ago 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. Source: TradingView
While value response to the affirmation wasn’t nice, a flip in sentiment over the following two weeks might see OP/USD take a brand new leg to the upside.
Again, a profitable upgrade might assist enhance the value 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 value might fall to $1.15 and $0.87.
