Optimism Price Prediction as Coinbase Launches Layer 2 Network Using Optimism Tech – OP to the Moon?

cryptonews.com:

The optimism price has shot up by 11% in the past 24 hours, boosted by the news that Coinbase will be launching its own layer-two network for Ethereum using Optimism-based technology. At $3.14, it has risen by 20% in a week and by 58% in the last 30 days, with growing usage of the Optimism network itself also helping to support gains.

Coinbase's use of Optimism's open-source OP Stack for developing its layer-two sidechain could help to boost the Optimism ecosystem significantly in the coming months, particularly with Coinbase now joining Optimism as a core developer for the latter's development stack. And with the growth of Ethereum also helping to boost usage of Optimism, native token OP could end up being one of 2023's biggest gainers.

OP's chart reveals that the altcoin has begun what could be a very significant rally. Firstly, its 30-day moving average (red) has recently risen over its 200-day average (blue), suggesting a breakout that has really only just begun.

On top of this, OP's relative strength index (purple) has just passed 70, indicating some very strong buying momentum. Given that the RSI hasn't reached 80 (or higher) yet, OP still has plenty of room to continue to rise before it becomes overbought.

If OP can break through the $3.15 resistance level, its rally may continue into the weekend, bringing with it further gains and potentially consolidation around a new, higher level. Of course, this also depends on general market bullishness, but OP certainly has enough momentum on its own to witness more rises in the very near future.

And regardless of whether OP rallies more in the short term, it's clear that yesterday's news about Coinbase and its Base layer-two network is a massive win for Optimism. With America's