Analysis of the OP/USDT Technical Chart:

The current trading price of OP is $2.425, representing a 27% decrease from its recent high in February. However, the chart shows that OP has generated high returns for investors in the past 3 months, with a 300% increase.

Source:- TradingView Analysis of CryptoPatel

Currently, OP is holding strong support at the neck line level, and it is expected to continue to do so. However, if it breaks down, there is a significant down leg waiting for the breakdown, and a 50% decrease is expected.

In the event of a breakdown, the first target is expected to be $1.642, with a second target of $1.16. Two major support points to watch are $1.642 and $1.435, with the possibility of a great entry point at a retracement of 0.5 and 0.618 at these levels.

The current resistance level for OP is $3.16.

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#crypto2023 #Altcoin #OP #OPTIMISM #bitcoin

If you are a holder of $OP , this is for you:

- Mark your calendars for May 31st! A substantial amount of $OP , totaling 154.6M ($252M), will be unlocked after just one day. This represents 3.6% of the total supply and a significant 46% of the circulating supply.

- The unlocked $OP tokens will be distributed as follows: 81.6M ($133M) to core contributors and 73M ($119M) to investors.

- Noteworthy funding rounds for #Optimism include: $3.5M raised in the Seed Round on December 15, 2020, $25M raised in the Series A Round on February 24, 2021, and a substantial $150M raised in the Series B Round on March 17, 2022.

- Prominent investors, such as Paradigm, IDEO CoLab Ventures, and Andreessen Horowitz (a16z), have contributed to the success of #Optimism

- The total financing amounts to an impressive $178.5M and will allocate a total of 730M $OP tokens, representing 17% of the overall supply.

- With an estimated average cost of $0.2445 per $OP token to investors, the current price of $1.63 suggests a potential 6x return on investment.

- It's worth noting that token unlocks often coincide with significant selling pressures as some investors look to offload their holdings.

Given this information, do you perceive this upcoming unlock as a bullish or bearish event for #Optimism and the $OP token?

#OPTIMISM #OP #Ethereum

The cryptocurrency community is abuzz with excitement as Optimism (OP), a prominent altcoin, prepares for a highly anticipated token unlock event. This event is expected to have a significant impact on the price and overall token supply of OP, making it a crucial moment for investors and enthusiasts alike.

Token Supply Overview

Optimism (OP) currently boasts a total supply of 4,294,967,296 tokens, with 16.4% already in circulation. The remaining tokens are locked in various contracts serving different purposes, including allocations for the team, investors, ecosystem development, community support, and treasury reserves.

The Token Unlock Event

The countdown has begun, and on July 30, 2023, at 07:00 (04:00 UTC), OP will experience a token unlock of 24.16 million tokens, valued at approximately $36.24 million based on the current market price of $1.50 per token.

Impact on Supply and Price

This token unlock event signifies a 3.56% increase in the circulating supply of OP, resulting in a corresponding 2.41% decrease in the locked supply. The market has already responded with a modest uptick of 0.67% in the token's price in the past 24 hours, contributing to a commendable market cap of $1.02 billion.

Precise Distribution

The unlocked tokens will be distributed with precision. A total of $19 million will be allocated to the primary team responsible for driving the project's success, while another $17 million will be set aside for loyal investors who have been supporting OP from its inception. This strategic allocation aims to reward those who have played an instrumental role in the project's growth.

Anticipation for Future Events

As the unlocking date approaches, many are keenly observing the market's reaction to this event. The next key unlocking event for OP is scheduled for August 30, building anticipation for potential market movements in the coming weeks. OP's community is on the edge of their seats, eagerly awaiting the future of their beloved altcoin.

In Summary

The token unlock event for Optimism (OP) has captured the attention of the cryptocurrency community, as it marks a crucial milestone in the coin's development. With strategic token allocation and an eager community, all eyes are on OP's price and supply movements, making this event a significant moment for the altcoin's future. #OP #OPTIMISM #OP/USDT $OP #tokenunlocks

Optimism is gearing up for its eventual mainnet upgrade next week. This upgrade will offer lower protocol and security fees for users on the platform. This led to the ecosystem’s governance token, OP, enjoying an increase in price, albeit a modest 3.7% in the past 24 hours.

This price movement only came after last month’s dismal performance where OP dropped by over 30% in the monthly timeframe.

With the promise of lower fees along with Ethereum-like security for the coming upgrade, we might see OP continue its present bullishness.

Optimism: Laying The Bedrock For Future Growth

Touted as the Bedrock mainnet upgrade, it aims to improve efficiency to drive down costs for investors on the platform. According to Optimism’s recent blog post, it should be able to drive protocol and security costs by a whopping 47%. The upgrade will use channels that will be split again to further optimize data compression.

source: Twitter

This upgrade also corresponds to Ethereum’s Dencun upgrade, which will drive down on-chain costs as a result of danksharding. Danksharding is a process that makes data blobs available for use by Layer 2 protocols like Optimism. This improvement would make Optimism more attractive to developers.

OP total market cap currently at $970 million on the weekend chart: TradingView

Along with the Bedrock upgrade is the upcoming OP Stack Mods which are improvements on the OP Stack layer by community members. These modifications can be voted on by the community to be an official part of the OP Stack layer.

The upgrade also opens a path for Optimism to include improvements on its fault proofs with incentives for the community to propose improvements in the system.

At $1.50, How Can This Impact OP Price? 

The token’s current trajectory puts it on a perfect path towards higher highs in the coming days. At the moment, OP bulls are targeting $1.70 in the medium to long term with a potential to break through toward the $2 range. If the momentum permits it, investors and traders should continue its current price movement for higher gains.

Source: CoinMarketCap

With Bitcoin gaining ground at the time of writing, the gains made by OP bulls should be boosted in the medium term. However, investors should be careful of any bearish advances that might come in the next couple of days.

The token’s current support at $1.3 has no backing which could pull OP to the sub-$1 range. If this happens, OP bulls should be able to endure a possible drop to $0.5 support. But the current momentum held by the token is enough for investors to confidently target higher highs in the coming days.

#optimism #OPTIMISM #OP #op #cryptopmyoutube

Optimism’s Bedrock release is just around the corner, and this latest upgrade will set the foundation for Ethereum to eventually become a Superchain.

To put it simply, a Superchain is a set of chains that all share a software stack and have the same security properties that enable them to communicate and work together.

The implementation of Bedrock will significantly cut transaction fees and reduce deposit times to less than one minute. A two-step withdrawal process will also be introduced to ensure maximum security, Karl Floersch, the CEO and co-founder of Optimism (OP) told Blockworks.

The Optimism mainnet upgrade to Bedrock is scheduled to occur on June 6 at 12 pm ET and will shut down the network for roughly two to four hours — meaning any transactions, withdrawals and deposits will be paused during this time.

“This is a major milestone for the OP stack and getting us closer to the Superchain vision,” Floersch said.

What is the Superchain?

The Superchain vision conceptualizes a network of chains built on top of the OP stack. It will combine individual elements of bridging, governance, upgrades and cross-chain communication all into one single unified network.

“It is built in a way that is extremely amenable to Ethereum standards,” Floersch said. “The reason why it’s important for it to become a standard for L2s is because it enables us to have a multi-client ecosystem.”

Following Bedrock, anyone who is interested in building on Ethereum can run node software using either OP’s node or their own individual nodes without OP’s involvement.

“That is the essence of open source development,” he said. “Technological decentralization is not enough, we need social decentralization, we need multiple client implementations.”

Enabling modular-proof systems

Chains that build on top of the OP stack will share sequencing and standard-proof systems, enabling them to build a single scalable blockchain community on top of Ethereum, Floersch explains.

To guarantee that messages are securely sent between the different chains, multi-proof and modular-proof systems will come into play.

“Multi-proof is how we make sure that one proof is secure, so we have multiple fault-proof implementations that add redundancy to make sure that a message is never forged, but we also have modular proof, meaning that we don’t build these chains for a proof system, we use a proof system to prove the messages between the chains,” Floersch said.

This means that following Bedrock, both fault proofs and validity proofs will be available on the OP stack, enabling low latency passing between the chains.

To enable OP transactions to communicate with each other, a shared sequencing layer will also be present.

“If I have a transaction and I want to flash loan it, send it to one chain, transfer the token to a different chain and transfer it back all in one chunk, that’s what the shared sequencing provides,” Floersch said.

Vision for the future

Unlike the multichain vision, where applications are focused on deploying on their own chains, OP is hoping that it can build the standardized frameworks through Bedrock that enable developers to deploy things onto one Superchain.

“It’s not about modularity for heterogeneous fracturing of the community,” Floersch said. “It’s modularity so that the community can innovate and then upstream the innovations to the same OP stack.”

Ultimately, Floersch notes that OP hopes to create standards for the Ethereum community to build on and grow from.

“That is our primary focus,” he said. “We’re building entirely open source, it’s MIT licensed…we’re getting as many people building on it as possible and using it in different ways.”

#OPTIMISM #OP #crypto2023 #Binance

The native token of the Optimism blockchain, OP, rallied after an engineer at the crypto arm of venture capital firm Andreessen Horowitz (a16z) tweeted out a picture of an orange circle, accompanied by “coming soon.”

The color of the circle in the tweet matched that commonly associated with the a16z logo. Earlier this year, Coinbase teased the impending announcement of its Optimism-backed layer 2 network – called Base – by first tweeting out a blue circle.

The similarity of the images led to trader speculation that a16z may have plans to launch its own layer 2 blockchain, sending the OP token 3% higher.

A short time later, a16z Chief Technology Officer Eddy Lazzarin tweeted out that the orange circle did not refer to an L2.

A16z and Paradigm co-led a $150 million funding round for Optimism in March 2022, which valued the Ethereum scaling solution at $1.65 billion.

A16z declined to comment on the speculation when contacted by CoinDesk.

#OP #OPTIMISM #crypto2023 #Binance

2 min read BY #REXBOX

Optimism (OP), a Layer 2 scaling solution for Ethereum, has seen the price of its native token fall by 23% so far in May (as of 16 May, 2023).

The decline comes amid a broader sell-off in the cryptocurrency market, with Bitcoin (BTC) struggling for a foothold above $27,000 and Ethereum (ETH) retesting support areas near $1,800.

Sentiment across the broader crypto market continues to lean bearish after last week’s downturn. Optimism price could therefore fluctuate with overall market outlook, particularly as cryptocurrencies are likely to react to macroeconomic news.

But one thing that could aid an uptick in positivity for the altcoin’s price is the upcoming Bedrock upgrade.

Optimism price outlook- when is the Bedrock upgrade?

On Monday, the L2 platform announced the expected release date for the launch as 6 June 2023.

Optimism (OP) price prediction

Looking at OP price, it’s down nearly 3% in the past 24 hours, 23% in the past two weeks and nearly 39% in the past 30 days. 

As CoinJournal recently highlighted in a price prediction for Optimism, Tron and Stacks, it appears the bears have the upper hand. This outlook remains with the current price at $1.63 being -49% from the all-time high of $3.22 reached on 24 February 2023.

While price reaction to the confirmation wasn’t great, a flip in sentiment over the next two weeks could see OP/USD take a new leg to the upside.

Again, a successful upgrade could help boost the price of OP, with Optimism becoming a more attractive option for developers and users and increasing demand for the OP token. OP is currently oversold, but faces key resistances around $1.82 and $2.16.

On the downside, especially if the bearish technical picture holds, the token’s price could fall to $1.15 and $0.87. #OP #OPTIMISM

$OP