• A Bedrock improve can be an enormous plus for Optimism and will push OP costs greater.
• Elevated adoption of optimism may 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 value 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 value drop 23% up to now in Might (as of Might 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 help space close to $1,800. rice discipline.

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

However one factor that might 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 info on what to anticipate: https://t.co/o6UjKZaVKy

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

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

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

Optimism (OP) Value Prediction

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

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

Once more, a profitable improve may improve the worth of OP because it makes Optimism a extra enticing choice for builders and customers, growing demand for OP tokens. The OP is at the moment oversold however is dealing with main resistance close to $1.82 and $2.16.

On the draw back, the token value may fall to $1.15 and $0.87, particularly if the bearish technical situations maintain.