Optimism (OP) Price Prediction — Will OP Price Hit $5 in 2022?

This Optimism (OP) Price Prediction 2022 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our OP price prediction and prediction. 

Among the cryptocurrencies that are surging this year, Optimism (OP) is perhaps one of the most surprising for some. It is not directly related to Bitcoin, nor is it the most hyped cryptocurrency today. But for those that are aware, OP price has reduced by 74% in the past 60 days.

Can OP reach $5 in 2022? We will find out shortly. But before we proceed to our OP analysis, let us first answer the question “What is Optimism?” in this OP prediction 2022 article. 

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. That means transactions are trustlessly recorded on Optimism but ultimately secured on Ethereum.

Optimism is one of the biggest scaling solutions for Ethereum with over $300 million in TVL. It is home to 35 protocols, the biggest being Synthetix (SNX), a derivatives exchange, Uniswap (UNI), a DEX, and Velodrome (VELO), an AMM. Users can begin their journey on Optimism by adding the chain on their Metamask and bridging tokens like ETH to the L2. On May 31, 2022, Optimism conducted a highly anticipated airdrop of its OP token. The airdrop was so popular that it briefly slowed down the Optimism blockchain.

Optimism aims for the minimum number of moving parts while building a layer-two solution for Ethereum. In practice, this means using proven Ethereum code and infrastructure when possible. Optimism thus aims to keep its code as simple as possible and work directly with existing codebases.

Now that we are clear about Optimism, do you think OP will be beneficial crypto in 2022? Join me and let us see the charts in this OP price analysis and OP price prediction.

Optimism (OP) Current Market Status

As of the time of writing this Optimism (OP) price analysis, OP trades at $1.19 with a 24-hour trading volume of $232,389,930. The price of SFM has decreased by 5.62% in the last 24 hours.

Furthermore, Optimism (OP) has a current total supply of 4,294,967,296 OP according to CoinMarketCap. Currently, the top cryptocurrency exchanges for OP are Binance, Huobi Global, Kucoin, OKX, Gate.io, and others.

Now, let’s proceed to the next part of this Optimism (OP) technical analysis for 2022.

Optimism (OP) Price Analysis 2022

Currently, OP holds 2807th place on CoinMarketCap. But will the latest upgrades, development, and changes in the Optimism (OP) ecosystem help the cryptocurrency price to reach higher? Let’s proceed to the charts in this OP price prediction article.

Keltner channel is a technical analysis indicator that is used to determine trend directions by measuring the volatility above or below the candlesticks. From the Keltner Channel signals for OP/USDT, we can deduce that the price of Optimism (OP) might get bullish in some days since the price is in the first half of the channel from the bottom. However, in the long-term, the price might get bullish since top cryptocurrencies like Bitcoin and Ethereum are already getting bearish from the recent bullish run.

The Relative Strength Index (RSI) measures the relative momentum in the magnitude of recent price changes so as to deduce oversold or overbought assets. The RSI value of the 2-Hour chart is 40.40.  This shows that OP is showing a neutral trend since its RSI lies between 30 and 50. This value can trigger a bullish run if investors reposition themselves either toward the buyers.

From the chart above, the 50-MA is above the 10-MA which means that long-term investors would gain. However, since the gap between the two moving averages is wide and both moving averages are above the recently formed candlestick, the next bullish run might be long.

Optimism (OP) Price Prediction 2022

The chart below shows that Optimism (OP) has been affected by the crypto market downtrend in recent times. Moreover, the OP price shows a bearish trend. If this trend reverses, OP might run along with the bulls, overtaking its $1.26 resistance1 level and moving higher to $1.66 at the resistance4 level, the 2022 bullish signal.

Conversely, if the investors turn towards the crypto, the bears might take over and push Optimism (OP) from its downtrend position. In simpler terms, the price of SFM might plummet to almost $1.08, a bearish signal.

Meanwhile, our long-term OP price prediction for 2022 is bullish. It has a high possibility of reaching new heights. More so, this will only happen if it breaks many past psychological resistances.

If this bullish trend continues, Optimism (OP) will reach $1.66 by the end of 2022. Moreover, the first half of 2022 is going to show fast growth, up to $1.26. Then this rise will slow down, but no major falls are expected. With upcoming, partnerships, and developments reaching $5 is quite optimistic in the price point of view but undoubtedly feasible for the OP future.

Optimism (OP) Price Prediction 2023

If Optimism (OP) holds the support level around 50-MA, the long-term moving average of 50 days firmly, buyers will then have ample time and stability to forge the next attack mission on the vital level at $10, making it not plummet but play consistently.

Optimism (OP) Price Prediction 2024

As per the latest upgrades, developments, Optimism (OP) price prediction, and new project forecasts of the platform, Optimism (OP) investors could expect many partnerships and integrations around 2024. Moreover, this might boost the price of OP in the crypto market, and it will be the best investment as the price can spike and reach around $20.

Optimism (OP) Price Prediction 2025

In the next four years, OP’s price could race up to $40. However, reaching this level could not be so difficult for Optimism as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that OP has a high possibility of reaching a new ATH soon in the next four years as per the prediction.

Optimism (OP) Price Prediction 2026

In the next five years, OP’s price could race up to $80. However, reaching this level could not be so difficult for Optimism as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that OP has a high possibility of reaching a new ATH soon in the next five years as per the prediction.

Optimism (OP) Price Prediction 2027

In the next six years, OP’s price could race up to $160. However, reaching this level could not be so difficult for Optimism as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that OP has a high possibility of reaching a new ATH soon in the next six years as per the prediction.

Optimism (OP) Price Prediction 2028

In the next seven years, OP’s price could race up to $320. However, reaching this level could not be so difficult for Optimism as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that OP has a high possibility of reaching a new ATH soon in the next seven years as per the prediction.

Optimism (OP) Price Prediction 2029

In the next eight years, OP’s price could race up to $640. However, reaching this level could not be so difficult for Optimism as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that OP has a high possibility of reaching a new ATH soon in the next eight years as per the prediction.

Optimism (OP) Price Prediction 2030

As per the latest upgrades, developments, Optimism (OP) price prediction, and new project forecasts of the platform, Optimism (OP) investors could expect many partnerships and integrations around 2030. Moreover, this might boost the price of OP in the crypto market, and it will be the best investment as the price can spike and reach around $1000.

Conclusion

Optimism (OP) has a bright future ahead of it in 2022. With the ongoing developments happening within the Optimism ecosystem, as well as in the overall crypto market, we may see OP reach new heights.

Bullish Optimism price prediction 2022 is $1.66. As said above, it may even reach its new ATH if investors have decided that OP is a good investment in 2022, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

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Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.