X

Isabella from New York City

Signed up at Bitstarz Casino 39 minutes ago.

» Try Bitstarz Casino too
Do not show again

Optimism (OP) has weakened from $4.86 to $2.97 since March 07, 2024, and the current price stands at $3.54.

A slowdown in net inflows and decreased trading activity are certainly negative factors for OP but some crypto analysts are convinced that OP is currently undervalued, pointing to the significance of Coinbase and the brand it has created over the years as a crypto exchange.

They believe that the key to Optimism’s success lies in the “power” linked with Coinbase, a brand facilitating billions of dollars in daily trading. But where is the price of Optimism (OP) going next, and what can we expect from April 2024?

Today, Crypto Lists will discuss Optimism (OP) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Optimism is driven by the real-world needs

Optimism is an extension to Ethereum which enables users and developers to benefit from the latter’s strong security guarantees while being cheaper and faster. Optimism’s EVM-equivalent architecture scales your Ethereum apps without surprises and it is important to say that Optimism allows you to do many of the same things as the Ethereum network, but approximately ten times cheaper.

Optimism is driven by real-world needs and it aims to keep its code as simple as possible, using proven Ethereum code and infrastructure when possible. According to the team behind this project, Optimism uses optimistic rollups and leverages the consensus mechanism of Ethereum to scale the network.

Blocks are constructed and executed on Optimism (L2), while user transactions are aggregated and sent to Ethereum (L1). Transactions are forwarded to Ethereum without direct proof of validity and remain subject to challenge for a defined duration and after this period, a transaction is considered final.

Similar to Ethereum, individuals using Optimism can engage with decentralized finance (DeFi) applications, participate in activities such as buying, selling, collecting, and minting NFTs, and more. OP serves as the native governance token of Optimism, enabling active participation in project governance within the Optimism community.

Integration with Coinbase

Optimism is one of the default supported networks in Coinbase Wallet and users have four options to fund their Coinbase Wallet (mobile) app on the Optimism network with ETH or other supported assets available on Optimism. Users who have an existing Coinbase account can buy from their Coinbase account inside of Coinbase Wallet but they can also transfer funds from their Coinbase account to their Coinbase Wallet.

Users who don’t have an existing Coinbase account can transfer assets using the Optimism Bridge inside Coinbase Wallet but they can also transfer assets already on the Optimism network from another wallet.

Rating: 9.33/10
Supply: 214 / 4
Release date: January 10, 2022

Description: Discover Optimism and be part of the cryptocurrency revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


Optimism is home to numerous protocols

Optimism is home to numerous protocols and has a total value locked (TVL), making it a notable scaling solution for Ethereum. Led by the Optimism Foundation, a nonprofit entity, Optimism is committed to further growth of its ecosystem. Optimism created an ecosystem where value is created for its three constituencies: token holders, contributors, and community members.

Token holders are compensated through the productive re-deployment of sequencer revenue, contributors receive value from retroactive public goods funding while community members receive value from ongoing airdrops and project incentives.

The demand for OP block space generates revenue, which is allocated to public goods, consequently stimulating further demand for block space. This dynamic positions Optimism as a promising platform for diverse decentralized applications and protocols.

Some crypto analysts are convinced that OP is currently undervalued and according to analyst Adam Cochran, OP will increase its value because of Coinbase’s strength. Adam Cochran highlighted Coinbase’s vast user base and ability to drive retail adoption towards Base potentially. And, since Base uses Optimism, the expected adoption spike will significantly boost OP from current spot levels.

Adam Cochran contends that the significance of Coinbase’s “discoverability power,” as a brand facilitating billions of dollars in daily trading, will be pivotal to the success of Optimism. Coinbase is optimizing its operations by discontinuing support for Bitcoin, and Litecoin, and their emphasis is now on Ethereum-compatible tokens, suggesting a potential integration of Coinbase Commerce into Base in the near future.

Technical analysis for Optimism (OP)

Optimism (OP) has weakened from $4.86 to $2.97 since March 07, 2024, and the current price stands at $3.54. However, as long the price of OP is above this trendline which I marked on the chart below, the price of OP remains in the BUY-ZONE.

Technical analysis for Optimism (OP)

Important support & resistance levels for Optimism (OP)

Important support & resistance levels for Optimism (OP)

On this chart (the period from September 2023), I marked important support and resistance levels that can help traders understand where the price could move. Optimism (OP) has weakened from its recent highs, but if the price advances above $4, the next target could be an important resistance level at $4.5. The important support level is $3, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $2.8. If the price drops below $2.5, which also represents an important support level, the next target could be located around $2.

What speaks for the rise in the Optimism (OP) price

Many crypto analysts said that Optimism (OP) could have a bright future and while still in its early stages, its unique blend of security, technology, and innovative features positions it as a strong contender in the race for mass adoption. At the same time, the overall sentiment on the cryptocurrency market can play a crucial role in OP’s price trajectory, while OP’s ability to maintain above $3 support is an encouraging sign, and it could potentially act as a strong foundation for a price bounce. A move above $4 would be beneficial for the bulls to take control of price movement.

What indicates the downfall of Optimism (OP)

The downfall of Optimism (OP) can be influenced by a wide range of factors, including negative news around Monero, market sentiment, regulatory developments, macroeconomic trends, and more. The period since March 07, 2024, has been negative for OP, and the bearish mood among OP whales seems to be a major factor that influenced the OP price downtrend.

The important support level for OP stands at $3, and if the price falls below this level, the next target could be $2.5. The price of OP is usually correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $65000 price level, that would certainly have a negative influence on the price of OP.

What do analysts and experts say?

After hitting recent highs above $4.8 on March 07, 2024, Optimism (OP) has encountered significant losses. The price is currently above $3.5, but a break below this level would indicate that OP could test again the support level at $3. Optimism (OP) is unpredictable and a risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency.

However, some crypto analysts have the opinion that OP is currently undervalued, and according to analyst Adam Cochran, OP will increase its value because of Coinbase optimization. Adam Cochran emphasized the extensive user base of Coinbase and its potential to propel retail adoption towards Base. Given that Base operates on Optimism, the anticipated surge in adoption is likely to substantially elevate OP from its current price level.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
Optimism Newsflash
    A plush 1200 USDT welcome bonus awaits on Woop WinA plush 1200 USDT welcome bonus awaits on Woop Win
    Thursday, 28 Mar 2024 1:10 pm
    How does a casino with a classic look and feel sound to you? The feel of the Las Vegas strip streaming straight to your laptop or phone. Woop Win (review) delivers exactly that and more, with a three-stage welcome bonus of 1200 USDT there to whet your appetite some more. But that's not all. No sir, you've also got the lightning-speed and innovation of crypto currencies to content with - making you feel like you're on the cutting edge yet still playing with the Bonds of the world at the croupier's table. Sign up now and experience the luxury...
    Read the full newsflash


    3 great casinos to try Moneyfest from Popiplay3 great casinos to try Moneyfest from Popiplay
    Monday, 18 Mar 2024 2:43 pm
    Have you heard about Moneyfest (game review)? It's a top title from the amazing Scandinavian team at Popiplay (studio review) and features a really cool bank robbery theme as well as truly cool features. Perhaps best of all a 5x5 row and reel setup and 20 paylines. Sweet as a successful heist! First up is a site that's gonna get your drawn at dawn wth beautiful games delivered from Dama N.V. Try Wanted Win now! Second up is a site that's going to leave you in a daze due to its instant payouts! That's right, sign up to Spin Fever! Last but not least is a recently reviewed casino that's got a cheeky cheeky 100% to 300 EUR bonus waiting for you. It's Monro Casino (try it!). We can guarantee you'll really enjoy this slot with a max win of 4250x. Not bad...
    Read the full newsflash


    Detective Donut from Popiplay goes live on Monro CasinoDetective Donut from Popiplay goes live on Monro Casino
    Friday, 15 Mar 2024 5:23 pm
    March perhaps most awaited games for many casino players has just gone live. If you want to have a super fat and sweet experience, then you should check out check out Popiplay's latest game called Detective Donut (see review). As the name suggests, it's all about donuts and in this case a bakery which is protected by a policeman. It's available on one of the newest Bitcoin casinos from 2024 called Monro (see review). With an RTP of impressive 97.22% and a max win of 25 000x the bet size, it's likely to attract many new players. Give Detective Donut a try on Monro Casino, you will most likely have...
    Read the full newsflash


    New crypto casinos are slow to adopt meme coinsNew crypto casinos are slow to adopt meme coins
    Wednesday, 6 Mar 2024 3:12 pm
    Several of the most trending meme coins have risen over 500% in the past month, and now - many investors are taking profit. Does DogWifHat (WIF) deserve to go up 827% in a month or will you do better by using it on a suitable Solana casino site such as Betplay? Even if Shiba Inu (SHIB) is down 17% today, it's up 280% in the last 30 days and you can use this token for deposits on some of the best new crypto casinos, including Cryptorino with their amazing 40k deposit bonus or the 100% anonymous BetPanda where you never need to do any KYC to deposit or take out any potential winnings. Another popular meme coin is now the 10th most important in terms of market cap. Yes, we are talking about Dogecoin (DOGE), that's fallen 15.5% today but it's up 98.5% the last month. You can play it on our long term favourite LTC Casino with rewarding tournaments, instant withdrawals and 100% no KYC. It's annoying to see that the newest crypto casinos 2024 don't support most of the fast rising coins and tokens. In fact, we found only Kineko (see review) accept Bonk for deposits out of 432 crypto casino reviews and 40+ support Solana. Those sites surely need to work on coins and tokens that they can accept, since support for Solana network means support for BONK, DogWifHat etc. Markus Jalmerot, co-founder of Crypto Lists, predict that...
    Read the full newsflash


    Crypto casino deposit trends in March 2024: USDT & DOGECrypto casino deposit trends in March 2024: USDT & DOGE
    Wednesday, 6 Mar 2024 12:39 pm
    After the temporary spike in Bitcoin (BTC) and many other cryptocurrencies, CryptoLists noticed that many players exchange their coins and tokens into stablecoins such as Tether (USDT) or USDC before playing on the most reputable crypto casinos. It's maybe not so surprising to see such as trend, since meme coins have rallied significantly lately, and people tend to exchange it for stablecoins while waiting to do something more fun with their assets. Currently, even the best Bitcoin casinos are not used so much thanks to the spike in price, and the same is true for ETH casinos. The given choice for many players are sites with lots of deposit options such as Cryptorino (see review). Here, you can sign up in 10 seconds and revive up to 50 000 USDT in a nice stablecoin bonus. If you don't have stablecoins, you can use Shiba Inu, Sandbox, Doge,...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top