Optimism Price Prediction: OP Gains 3% – Temporary Surge or More to Come?

Updated: 23 August 2023

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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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Crypto token Optimism (OP) surprised crypto market participants twice in the last 24 hours. The first surprise came when the token’s price interrupted its steady increase to drop from $1.56 to $1.52.

At the time, many thought the token was finally giving in to the bearish market and would follow others in a price crash.

Then came the second surprise when the token’s price shot up from $ 1,521 level to $ 1,600 in only three hours.

Of course, the token is still low compared to the $1.80 level it saw at the beginning of August, but it is one of only a few cryptos that have recovered from a dip caused by Bitcoin on August 17.

Optimism itself crashed from $1.80 to $1.53 before August 10. Then, after trading sideways for about a week, the cryptocurrency hit its lowest point in the past month — $1.31.

This was early on August 18, and since then, OP price has recovered significantly, reaching $1.56 as of the time of writing. This is not the highest in the last 24 hours but is close to its weekly peak.

Speaking of Optimism’s weekly performance, the price is up by almost 7% from last Wednesday, August 16.

Moving forward, opinions on OP are split. Some believe that the token’s price action is forming a big bearish flag and that a retest to $1.73 – $1.83 is expected, followed by the breaking down of the flag.

Others have noted that the token is bullish and might not change for a while. However, if the token loses momentum, it could return to the low $1 range, where excessive accumulation is expected.

After that, as market participants rush in to buy the dip, the token could skyrocket back to the current or even higher levels.

Optimism Whales Are Buying Ahead of Ethereum Cancun Upgrade

Recent reports have suggested that the accumulation of the OP token has already started, not because crypto users believe that the price is at the bottom, but because of the upcoming Cancun upgrade that is expected on Ethereum’s network.

🚨 Address 0x011 (likely Amber Group) accumulated 3.73M $OP from #Binance at $1.53 on avg ($5.71M) over the past 24hrs.

The VC probably accumulated $OP for the upcoming #Cancun Upgrade, which is expected to benefit Arbitrum & Optimism vastly.

Current holding: 8.14M $OP ($12.5M)… pic.twitter.com/731zHYBs03

— Spot On Chain (@spotonchain) August 22, 2023

The upcoming move is likely driving large wallet investors to Optimism and other L2 projects. Optimism is among the popular options, as it is one of the most extensive Ethereum Layer 2 scaling solutions.

If the whale interest persists, the token’s recent 3% surge might not end there, and a more significant price increase might yet come.

Launchpad XYZ Presale Approaching $1.4m Raised

While the whales may be after Optimism, numerous users are turning to popular presales like Launchpad XYZ (LPX).

This new project aims to create a platform with educational materials and tools to give developers the upper hand in Web3.

It is building a community-driven ecosystem to ensure everyone can make the most out of the next bull run. So far, the project has raised $1.37 million and is approaching $1.4 million raised rapidly.

With its cap at $1.55 million, a small burst in LPX purchases could easily conclude the presale reasonably quickly. The LPX token is available for $0.0445, and users can buy it with BNB, ETH, USDT, or a credit/debit card.

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