OP Price Prediction: Optimism Rises 13.1% to $2.9, Is OP Set to Surpass Its $3.2 Resistance After Coinbase Partnership?
Over the past week, OP has been on an upward trend, with its price increasing from $2.5 to $2.9. This represents a significant gain of 13.1%, which is impressive considering the cryptocurrency market’s volatility. Additionally, the trading volume for OP has also increased, indicating that there is renewed interest in cryptocurrency.
Optimism Partners With Coinbase as a Core Developer for the Open-source Op Stack
Coinbase, a well-known cryptocurrency exchange, revealed that it had built a foundation L2 network utilizing Optimism’s OP Stack. Coinbase recently partnered with Optimism as a core developer for the open-source OP Stack, a developer toolkit created for the Optimism network.
However, Coinbase’s involvement in the project isn’t limited to Ethereum alone. The company intends to offer users secure and convenient entry to L2 networks like Optimism and other blockchain ecosystems, including Solana.
Today, we welcome a new entrant to our ecosystem: @Coinbase.
They are launching a new L2 blockchain called ‘Base’
Built on the OP Stack 🔴_🔴
Coinbase also joins @OPLabsPBC as core contributors to the most OverPowered public good in the game.https://t.co/H1CRC6E1YB
— Optimism (✨🔴_🔴✨) (@optimismFND) February 23, 2023
The OP Stack seeks to break down these silos and create a unified layer that enables various L2 solutions to interact seamlessly. This integration will result in a more efficient and effective overall system, allowing for better scalability and innovation.
So, what can we expect for OP’s future price movements? Based on the current market trends and the growing demand for layer 2 solutions, it is likely that OP will continue to experience positive price movements in the coming weeks. If the bullish sentiment in the market continues, we could see OP’s price surpass its resistance level of $3.2.
OP Price Prediction: OP Market Price Analysis
Optimism (OP) has witnessed a surge in its trading price over the last 24 hours. At the time of writing, OP is trading at $3.01, reflecting a 6.50% increase in value. OP has seen an impressive 13.10% price hike in the past week. As a result of this recent price surge, Optimism’s market capitalization has reached an impressive $639,179,352.
The total circulating supply of Optimism (OP) is around 210 million units. According to the latest data, the trading volume for this digital currency over the last 24 hours stands at $807,124,261.
Optimism (OP) stands out in the world of cryptocurrencies with a notable 13.20% increase in price over the last seven days. This performance is remarkable, especially compared to the global cryptocurrency market, which has experienced a decline of -2.00% during the same period.
Furthermore, Optimism (OP) is outperforming similar cryptocurrencies in the Optimism Ecosystem, which has seen a modest increase of 2.90% in the last seven days. This indicates that Optimism (OP) is experiencing strong investor confidence and has an upward growth trajectory.
OP/USD Daily Chart Analysis: The Resistance Retest
OPUSD is trading upward along the ascending channel, creating higher highs and lows. The price of OP is trading above the 200-day and 50-day moving averages. The 50-day moving average is acting as a support below the channel. After hitting the resistance level at $3.2, OP’s price shows a retracement that sent it to its former support at $2.2. However, the price is now approaching the resistance level. Can it surpass the resistance level?
The moving average crossover at $1.06 shows that the price of OP might be testing new highs soon. Additionally, the RSI, which shows the overbought and oversold regions, is trading above the 50-level mark at 62, which indicates a neutral position between buyers and sellers.
The partnership between Coinbase and Optimism might catapult the prices above the resistance level. It remains to be seen how strong the resistance level is. However, should the price break above, we expect the OP price to hit $4.5 by the end of March.
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