2023-06-10 04:12:40
Optimism (OP) could go up 50% after recent update
CriptoFácil – Amid price fluctuations in the cryptocurrency market, (OP), a layer 2 token aimed at the ecosystem, seems to have found support to avoid significant drops, and its price has the potential to rise in the coming days, according to Lockridge Okoth , crypto market analyst.
According to Okoth, a new buyer congestion zone has set in, keeping the OP in a horizontal trading pattern and allowing time for accumulation by investors.
“Optimism (OP) price has dropped by 55% since the intraday peak recorded on April 15th. However, a strong base support at $1.274 prevented a larger decline,” he said.
According to him, this support came into play after Optimism’s mainnet update, which introduced the Bedrock feature. Bedrock promises lower transaction fees, better security and greater network resiliency.
This update, the developers claim, has revolutionized the token’s underlying technology, solving scalability issues and improving the performance of the OP network. According to Okoth, this fact positions Optimism as a serious competitor in the highly competitive cryptocurrency landscape, especially among L2s.
Optimism (OP) can go up
The analyst also points out that the Relative Strength Index (RSI) has shown a growing buying impulse, a sign of a new wave of OP adoption, driven by the network upgrade.
Okoth points out that the L2 token has seen a 10% increase recently, even amid market uncertainty. If this buying pressure is maintained, the price of Optimism could reach the 50-day Simple Moving Average (SMA), around $1.79.
Additional indicators also support Okoth’s bullish forecast. The Awesome Oscillator (AO) shows green histograms, indicating an uptrend, and the Parabolic SAR, a trend-following indicator, dipped below the price on June 6th, suggesting bull dominance.
“IntoTheBlock’s Global In/Out of the Money (GIOM) on-chain analysis shows robust support for the L2 token, favoring a bullish outlook. Optimism price has strong support below, evidenced by 67,900 addresses that bought 600.84 million OP tokens at an average price of $1.12.”
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