OP Price Prediction: Can the Upcoming Upgrade Save This Coin?

Updated: 15 February 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Following two days of losses, the cryptocurrency market appears to be poised for a new upward break on Wednesday. Coin prices are rising as investor sentiment appears to be shifting back in favor of the market, and the Optimism network’s OP token is becoming a more attractive asset.

What coins could provide investors with the ideal gains they desire as they seek the best returns?

OP Price Action

Wednesday has come with some impressive gains for the crypto market. After slipping below the trillion-dollar mark in market cap earlier this week, the crypto has rallied rather quickly and is now back at the $1.03 trillion line.

The gains come primarily from big coins, which notch higher profits for investors. However, the OP token has also seen even more gains in the same period. Trading at $2.38, OP is up by an impressive 9.02% in the past 24 hours.

That is enough to outperform the market and several comparatively larger assets, but its seven-day performance has not been impressive. The multi-layer scaling solution has shed 21.1% in the last week, and this is the end of its losses.

The governance token has gained 31.04% in the past four weeks, and its six-month performance has been similarly positive, with a gain of 99.58%. Its year-to-date (YTD) growth has also been exponential, with a 159.8% increase in the same period.

Unfortunately, OP’s gains haven’t helped its technicals significantly. It trails all its moving average (MA) indicators, ranging from the 10-day MA of $2.387 to the 200-day MA of $2.525.

A negative moving average convergence divergence (MACD) indicates a sell signal, and the relative strength index (RSI) of 62.59 clearly shows that the asset is approaching an overbought level, which points to strong positive investor sentiment.

While OP’s long-term technical performance has been underwhelming, its strong fundamental presence may be a key indicator to stockpile the asset for the long haul.

Optimism Set for an Upgrade

Optimism is a fast, scalable blockchain network designed to serve as a layer-2 support solution for Ethereum. Its goal is to allow decentralized application (dApp) developers to build on Ethereum without dealing with some of the platform’s notable scalability challenges.

Optimism users can process transactions and make micropayments on the network using the OP token. And, as Ethereum usage grows, so does the adoption of the Optimism network, which has resulted in gains for OP.

The Optimism network has seen some impressive fundamentals heading into 2023. First, it was reported that Optimism and Arbitrum processed more transactions in 2020 than the Ethereum mainnet. This shows increasing adoption for both scaling networks, putting to rest the notion that they will become obsolete following the Ethereum Merge.

Two weeks ago, the network’s developers announced plans to upgrade it significantly. The net upgrade, named “Bedrock,” is expected to come in March. It will provide additional scalability with bolstered speed, reduced transfer costs, and additional compatibility with the Ethereum Virtual Machine (EVM), ensuring that developers get even better access to the largest blockchain in the market.

We're extremely excited to put this historical proposal in front of the Token House. We see Bedrock as the culmination of years of R&D—and the next crucial step towards a modular, simplified, and performant multi-chain future.https://t.co/urk6U9aABj pic.twitter.com/ebxsvtBM8N

— Optimism (✨?_?✨) (@optimismFND) February 1, 2023

The increased functionality for Optimism is expected to boost the price of the OP token even more. However, it is also worth noting that the asset’s prospects will depend significantly on the market’s dynamics. Individual asset performance is easily influenced by broader market performance, and with the market still trying to shake off its recent bearish momentum, anything is possible.

OP Alternatives to Consider

While the OP token appears attractive, the asset’s reliance on market direction implies that it could still go sideways. However, investors may want to consider other altcoins with higher returns. One such is MEMAG, the native token for Meta Masters Guild.

Meta Masters Guild is a new play-to-earn (P2E) Web3 gaming guild and mobile game ecosystem backed by a metaverse. The Guild aims to develop entertaining and addictive games with playable non-fungible tokens (NFTs), where community members can earn rewards, stake, and trade.

Join the #MEMAGFAM now!⏳

Only 3 days left till the end of the presale!⏰?

Get your $MEMAG tokens and earn while gaming!??https://t.co/SBqVjX5mWn #Presale #Play2Earn #Crypto pic.twitter.com/i7zjYGDaGq

— Meta Masters Guild (@MEMAGgames) February 14, 2023

The MEMAG token is currently in its final stage of presale and has raised over $4.47 million, with only two days remaining until it concludes. Interested investors can purchase 1 MEMAG for 0,023 USDT.

Hurry now before it ends!