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Optimism OP Price Prediction: Will It Break The $3.48 Resistance?

Optimism OP Price Prediction: Will It Break The $3.48 Resistance?
Optimism OP Price Prediction: Will It Break The $3.48 Resistance?

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Optimism (OP) is living up to its name on the price charts with the token trading in the green today. OP is currently trading at $3.02, with a 2% decline after fairing on the chart. It traded around $1 for most of January before increasing to $2 on January 20.  

Yesterday’s closing price of $2.81 was its best performance for the year up till today. The recent price performance might be related to the improvements and engaging events on the network. 

OP Labs Shares Information On Bedrock Technology

OP Labs informed the optimism community of the official release of its OP Stack technology Bedrock that powers the Optimism network. The upgrade presents users with lower fees and shorter deposit or transaction times.

Also, it offers improved proof modularity and node performance for users on the network. Bedrock bears striking similarities to the Ethereum network. A detailed guide is in the Bedrock Explainer on the Optimism network.

Alchemy, the Web3 developer platform, has announced that users can access past NFT sales data on the OptimismFND platform. It serves as NFT support for Optimism and will help users to build NFTs on the platform. The developers also added improved features, such as better spam detection and image caching.

These improvements on the Optimism network have helped to push its latest rally. Web3 innovations are now trending, and interest in the platform has increased.

Optimism Technical Analysis: How Far Can The Optimism Rally Go?

OP is trading in an uptrend today in the price charts recording four consecutive green days since January 31, 2023. The uptrend started on January 6 and has continued, with slight pullbacks on red days.

The asset is trading above its 50-day and 200-day Simple Moving Average, which is a bullish signal. The bulls are relentlessly driving up the asset’s price with their trading activities in the market. A golden cross formation on the chart strengthened the trend and triggered a price increase.

The support levels are $2.20, $2.44, and $2.63; the resistance levels are $3.05, $3.29, and $ 3.48. Optimism is currently testing its first resistance level and will

Optimism OP Price Prediction: Will It Break The $3.48 Resistance?
Source: Tradingview.com

likely surpass it as it continues its ascent. The price pivot was at the $2.87 level and supports the uptrend. OP has recorded progressive gains from January 1 and may likely continue with the same price behavior.

The RSI is 75.96, which is in the overbought region. This is a buy signal for short-term traders that might take advantage of the current price uptick. The MACD is also bullish and is above its signal line. It is pointing upwards and confirms the prevailing bullish trend in the market. 

Optimism has recorded a 9% increase in its price, according to CoinMarketCap data. The asset may continue to increase in value and surpass the $3.48 resistance in the coming days.

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