Optimism (OP) Price Prediction 2023 — Will OP Hit $5 Soon?

• Bullish OP price prediction for 2023 is $3.323 to $5.627.
• Optimism (OP) price might also reach $5 soon.
• Bearish OP price prediction for 2023 is $1.149.

In this Optimism (OP) price prediction 2023, we will analyze the price patterns of OP by using accurate trader-friendly technical analysis indicators and also predict the future movement of the cryptocurrency. 

Optimism (OP) Current Market Status

What is Optimism (OP)?

Optimism (OP) is a layer-two blockchain on top of Ethereum. Optimism benefits from the security of the Ethereum mainnet and helps scale the Ethereum ecosystem by using optimistic rollups. It is one of the biggest scaling solutions for Ethereum with over $300 million in TVL. Optimism is led by the Optimism Foundation, a nonprofit organization dedicated to growing the Optimism ecosystem. Furthermore, it aims for the minimum number of moving parts while building a layer-two solution for Ethereum.  

Optimism (OP) Price Prediction 2023

Optimism (OP) ranks 85th on CoinMarketCap in terms of its market capitalization. The overview of the Optimism price prediction for 2023 is explained below with a daily time frame.

In the above chart, Optimism (OP) laid out a descending channel pattern, also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is characteristic of a bearish market.

At the time of analysis, the price of Optimism (OP) was recorded at $1.8049. If the pattern trend continues, then the price of OP might reach the resistance levels of $2.176 and $2.621. If the trend reverses, then the price of OP may fall to the support of $1.792.

Optimism (OP) Resistance and Support Levels

The chart given below elucidates the possible resistance and support levels of Optimism (OP) in 2023.

From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Optimism (OP).

As per the above analysis, if Optimism’s (OP) bulls take the lead, then it might hit and break through its resistance level of $5.627.

Conversely, if Optimism’s (OP) bears dominate the trend, the price of OP might plunge to  $1.149.

Optimism (OP) Price Prediction 2023 — RVOL, MA, and RSI

The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Optimism (OP) are shown in the chart below.

The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes.  It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment. 

At the time of analysis, the RVOL of Optimism (OP) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.

The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days.  When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).

Notably, in the above chart, the OP price lies below 50 MA (short-term), indicating its downward. Hence, OP is in a bearish state. Although this is the current state, a trend reversal might occur.

Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state. 

Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.

At the time of analysis, the RSI of OP is at 32.17. Therefore, this indicates OP is nearly oversold.

Optimism (OP) Price Prediction 2023 — ADX, RVI

In the below chart, we analyze the strength and volatility of Optimism (OP) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).

To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.

According to the data on the above chart, the ADX of OP lies in the range of 21.339 pointing out a weak trend. 

The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of OP lies below 50, indicating low volatility.

Comparison of OP with BTC, ETH

Let us now compare the price movements of Optimism (OP) with that of Bitcoin (BTC), and Ethereum (ETH).

From the above chart, we can interpret that the price action of OP is similar to that of BTC and ETH. That is, when the price of  BTC and ETH increases or decreases, the price of OP also increases or decreases respectively.

Optimism (OP) Price Prediction 2024-2030

With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Optimism (OP) between 2024 and 2030.

Optimism (OP) Price Prediction 2024

If bulls dominate the price momentum and trend patterns, then Optimism (OP) might successfully test and surpass its resistance levels to hit $7 by 2024.

Optimism (OP) Price Prediction 2025

The significant upgrades in the Optimism ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Optimism (OP) price to reach $10 by 2025.

Optimism (OP) Price Prediction 2026

If Optimism (OP) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $12.

Optimism (OP) Price Prediction 2027

If Optimism (OP) sustains major resistance levels and stands as a better investment option in the market, then OP would rally to hit $15.

Optimism (OP) Price Prediction 2028

If Optimism (OP) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then OP would hit $19 by 2028.

Optimism (OP) Price Prediction 2029

If investors flock in and continue to place their bets on Optimism (OP), then the crypto would witness major spikes. Hence, OP might hit $23 by 2029.

Optimism (OP) Price Prediction 2030

By 2030, the OP price might rally to $28 if the trend momentum aligns in favor of Optimism. Furthermore, OP would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.

Conclusion

If Optimism (OP) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Optimism (OP) price prediction for 2023 is $5.627. Comparatively, the bearish Optimism (OP) price prediction for 2023 is $1.149.  

If there is a positive elevation in the market momentum and investors’ sentiment, then Optimism (OP) might hit $5. Furthermore, with future upgrades and advancements in the Optimism ecosystem, OP might surpass its current all-time high (ATH) of $4.57 and mark its new ATH.

FAQ

1. What is Optimism (OP)?

Optimism is a fast, stable, and scalable L2 blockchain designed by Ethereum developers for Ethereum developers.

2. Where can you buy Optimism (OP)?

Traders can trade Optimism (OP) on the following cryptocurrency exchanges such as Binance, OKX, Deepcoin, Bybit, and CoinW.

3. Will Optimism (OP) record a new ATH soon?

With the ongoing developments and upgrades within the Optimism platform, Optimism (OP) has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Optimism (OP)?

Optimism (OP) hit its current all-time high (ATH) of $4.57 on June 01, 2022.

5. What is the lowest price of Optimism (OP)?

According to CoinMarketCap, OP hit its all-time low (ATL) of $0.4005 On June 19, 2022.

6. Will Optimism (OP) hit $5?

If Optimism (OP) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $5 soon.

7. What will be the Optimism (OP) price by 2024?

 Optimism (OP) price might reach $7 by 2024.

8. What will be the Optimism (OP) price by 2025?

 Optimism (OP) price might reach $10 by 2025.

9. What will be the Optimism (OP) price by 2026?

Optimism (OP) price might reach $12 by 2026.

10. What will be the Optimism (OP) price by 2027? 

Optimism (OP) price might reach $15 by 2027.

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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.