In short: Optimism's trading volume is up over 54%. Currently at $1.6, it is forming a higher high on the daily chart, with bulls rallying and strong support at $1.621. OP is approaching the $1.709 resistance level as the RSI moves towards a potential bullish recovery ahead of the upcoming Bedrock upgrade on June 6, aiming to reduce delays, increase network security, and compatibility with Ethereum. Improved investor interest may help it surpass its all-time high value.
Our quick analysis:
Optimism (OP) is making waves in the crypto market, with its trading volume up by over 54% and its price consolidating its gains. The digital asset is trending upwards despite current bearish sentiment, and its upcoming Bedrock Upgrade has many investors excited.
The OP price is in an uptrend, forming a higher high on the daily chart, and is approaching the $1.709 resistance level. This is a positive sign, as the bulls begin to mount pressure in the market. While the asset is currently trading below its 50-day and 200-day Simple Moving Averages, the Relative Strength Index is moving upwards, indicating a potential bullish recovery ahead.
The Optimism Mainnet Bedrock Upgrade will occur on June 6, 2023, and aims to reduce delays on the network, lower transaction fees, and increase network security. Once the upgrade commences, deposits and withdrawals on the legacy network will pause, and smart contracts on the Layer 1 (L1) will be upgraded.
While there is no guarantee that the upgrade will result in a price increase, the improvements will undoubtedly boost investor interest in the network. In addition, Optimism's positive price performance this year may help it surpass its all-time high value.
In light of this, it is an exciting time for OP investors as the network continues to gain traction. So, keep an eye out for the Bedrock Upgrade and its potential impact on the asset's price in the coming days.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Optimism (OP) is making waves in the crypto market, with its trading volume up by over 54% and its price consolidating its gains. The digital asset is trending upwards despite current bearish sentiment, and its upcoming Bedrock Upgrade has many investors excited.
The OP price is in an uptrend, forming a higher high on the daily chart, and is approaching the $1.709 resistance level. This is a positive sign, as the bulls begin to mount pressure in the market. While the asset is currently trading below its 50-day and 200-day Simple Moving Averages, the Relative Strength Index is moving upwards, indicating a potential bullish recovery ahead.
The Optimism Mainnet Bedrock Upgrade will occur on June 6, 2023, and aims to reduce delays on the network, lower transaction fees, and increase network security. Once the upgrade commences, deposits and withdrawals on the legacy network will pause, and smart contracts on the Layer 1 (L1) will be upgraded.
While there is no guarantee that the upgrade will result in a price increase, the improvements will undoubtedly boost investor interest in the network. In addition, Optimism's positive price performance this year may help it surpass its all-time high value.
In light of this, it is an exciting time for OP investors as the network continues to gain traction. So, keep an eye out for the Bedrock Upgrade and its potential impact on the asset's price in the coming days.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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