can Bedrock upgrade trigger fresh optimism?

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The Bedrock upgrade might be a significant constructive for Optimism, boosting the worth of OP.
Increased adoption of Optimism may see additional demand for OP, serving to its worth.
OP worth was down 3% previously 24 hours and 23% previously two weeks because the token traded close to $1.63 on the time of writing.

Optimism (OP), a Layer 2 scaling answer for Ethereum, has seen the worth 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 worth may subsequently fluctuate with general market outlook, notably as cryptocurrencies are more likely to react to macroeconomic information.

But one factor that would support an uptick in positivity for the altcoin’s worth is the upcoming Bedrock upgrade.

Optimism worth 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 may make it sooner, cheaper, and safer.

Among the issues to come back with the Bedrock upgrade are community enhancements to the impact of full EVM compatibility, greater scalability and diminished transaction charges.

Optimism (OP) worth prediction

Looking at OP worth, it’s down practically 3% previously 24 hours, 23% previously two weeks and practically 39% previously 30 days.

As CoinJournal not too long ago highlighted in a worth prediction for Optimism, Tron and Stacks, it seems the bears have the higher hand. This outlook stays with the present worth at $1.63 being -49% from the all-time excessive of $3.22 reached on 24 February 2023.

OP worth chart. Source: TradingView

While worth response to the affirmation wasn’t nice, a flip in sentiment over the subsequent two weeks may see OP/USD take a brand new leg to the upside.

Again, a profitable upgrade may assist increase the worth of OP, with Optimism changing into a extra enticing possibility for builders and customers and growing demand for the OP token. OP is at present 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 worth may fall to $1.15 and $0.87.