OP costs fell 23% in Could, however can optimism experience Bedrock’s improve?

• A Bedrock improve could be a giant plus for Optimism and will push OP costs greater.
• Elevated adoption of optimism might result in even better demand for OPs, driving costs greater.
• With the token buying and selling close to $1.63 on the time of writing, the OP worth has fallen 3% over the previous 24 hours and 23% over the previous two weeks.

Ethereum’s Layer 2 scaling resolution, Optimism (OP), noticed its native token worth drop 23% thus far in Could (as of Could 16, 2023).

The drop comes amid a broader decline within the cryptocurrency market as Bitcoin (BTC) struggles to realize a foothold above $27,000 and Ethereum (ETH) retests the assist space close to $1,800. rice discipline.

Sentiment throughout the cryptocurrency market stays bearish following final week’s downturn. Due to this fact, optimistic costs might fluctuate relying on the general market outlook, particularly as cryptocurrencies are prone to react to macroeconomic information.

However one factor that would assist the constructive rise in altcoin costs is the upcoming Bedrock improve.

Optimistic pricing outlook – when will Bedrock improve?

Monday, L2 platform introduced The deliberate launch date is June 6, 2023.

🚨The official date for the improve to Bedrock on the OP mainnet has been set: June 6, 2023, 16:00 UTC!

The improve requires 2-4 hours of downtime on OP Mainnet.

Go to Mission Management for extra data on what to anticipate: https://t.co/o6UjKZaVKy

— Optimism (✨🔴_🔴✨) (@optimismFND) Could 15, 2023

Bedrock is a significant improve to the Optimism community, making it quicker, cheaper and safer.

Bedrock upgrades embrace community enhancements equivalent to full EVM compatibility, elevated scalability, and decreased transaction charges.

Optimism (OP) Value Prediction

Trying on the OP worth, it’s down practically 3% within the final 24 hours, 23% within the final two weeks, and practically 39% within the final 30 days.

The bears appear to have the higher hand, as CoinJournal lately highlighted in its Optimism, Tron and Stax worth forecasts. This outlook stays unchanged, and the present worth of $1.63 is -49% from the all-time excessive of $3.22 set on February 24, 2023.

Once more, a profitable improve might enhance the worth of OP because it makes Optimism a extra engaging choice for builders and customers, rising demand for OP tokens. The OP is presently oversold however is going through main resistance close to $1.82 and $2.16.

On the draw back, the token worth might drop to $1.15 and $0.87, particularly if the bearish technical circumstances maintain.