Optimism (OP) price rallies as WorldCoin addresses rise, Base launch ahead

August 04, 2023 01:00 PM AEST | By Invezz

Optimism (OP) price rallies as WorldCoin addresses rise, Base launch ahead — Image source: Invezz

Coinbase to launch Base

Optimism has made headlines in the past two weeks. First, the network unlocked tokens worth over $36 million. This followed a giant $587 million unlock a few months earlier. Historically, token unlocks tend to be bearish for a crypto token because it dilutes existing holders.

Second, WorldCoin’s mainnet was launched, as we wrote here. This launch was a notable one since the platform is built on top of OP Stack, a product created by Optimism. Also, it was a big project that was started by Sam Altman, the founder of ChatGPT.

The most recent data by Dune Analytics shows that the number of Optimism wallets holding WLD token has jumped to over 405k in the past few days. It was 364k at the end of July, signaling that the trend is growing.

The next other notable crypto news is that Coinbase, the second-biggest crypto exchange in the world, will launch Base mainnet next week. Base is a new layer-2 network built with OP Stack. In a statement, the company said that users will now be able to bridge or fund ETH on Base using the Coinbase wallet.

Native bridging from Ethereum to Base is now live.

Need funds on Base? We got you. Check out how quick, easy, and secure it is for you to get started. pic.twitter.com/9LFyGiJuSR
— Coinbase Wallet 🛡️ (@CoinbaseWallet) August 3, 2023

Base wil join a layer-2 industry that is already highly competitive, with key players like Arbitrum, Polygon, and Optimism having a major market share.

Optimism price prediction

The daily chart shows that the OP crypto price has been in a bullish trend in the past few weeks even as the crypto consolidation continued. The 25-day and 50-day moving averages have recently made a bullish crossover.

At the same time, the Relative Strength Index (RSI) has been in a bullish trend after bottoming at 25.75 in June. Therefore, OP price will likely continue rising as investors target the next key psychological level at $2.

The stop loss of the bullish view will be at $1.5, where the 50 and 25-day moving averages make a crossover.

The post Optimism (OP) price rallies as WorldCoin addresses rise, Base launch ahead appeared first on Invezz.

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