• The prices rose by more than 27% in the last 24 hours.
• The volume increased by about 160%.
• The Optimism Labs launched Bedrock.

Optimism Labs plans to make major upgrades to the network to remain in the L2 race. Among all the efforts, one of the most significant developments that Optimism has made was to launch Bedrock. The upgrade was done to make Optimism the cheapest optimistic rollup on Ethereum. The decision was in response to the Ethereum Improvement Proposal (EIP) 4844, under which the transaction fees on L2s were expected to decrease even more. 

Moreover, Bedrock reduces deposit times on the platform from 10 minutes to a quarter of it. It functions to improve the onboarding experience for new users. Furthermore, Optimism also displayed improvements in the NFT space. The figures for daily active users and mints were growing, indicating an increase in interest in NFTs on the Optimism network. In addition, the newly launched Gh0stly Gh0sts’ NFT collection roams on 7 EVM chains, including Optimism. 

The Pictorial

The prices skyrocketed after the upgrades were unveiled. The volume records dominate buyers who create purchasing pressure, setting the market optimistic. The OBV records an uptick to depict that the pressure in the market is positive and can extend the rally further. All significant EMAs lay below the current price of $2.30.

The CMF rises to higher levels in the positive region to reflect the bullish momentum in the price action. The MACD records strong buyer bars, standing tall as the lines undergo a divergence. The RSI bounces back to the higher ranges in the overbought zone to indicate the buyer pull. 

The peephole

The smaller time frame suggests the price rally to encounter a few sellers who wish to encash the rise. The CMF slopes up, remaining close to the baseline showing the initial stages of the rally. After recording a group of sellers, MACD records active buyers as the lines widen for improved buyer interest. The RSI, which slipped near the half line, retraces back to the overbought zone

Conclusion

The market is optimistic and enthusiastic for the new upgrades. The investors are expecting the rally to set new highs and break all previous records.  OP holders can trust the current range of $2 to buy the token. 

Technical levels

Support levels: $0.690 and $0.380

Resistance levels: $2.500 and $2.800

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source: https://www.thecoinrepublic.com/2023/01/21/op-holders-are-pocket-full-of-optimisms-prices-bloom-pre-spring/