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A widely followed cryptocurrency analyst and trader is turning bullish on one Ethereum (ETH) layer-2 project.
The analyst pseudonymously known as Credible Crypto tells his 379,100 followers on the social media platform X that Optimism (OP) is now in the midst of price discovery and could move much higher.
Price discovery is a term used to describe the situation when a coin trades at levels never seen before in its history.
“Just took a position in OP. We are at record highs but also technically in price discovery which means if we can hold this breakout things may accelerate quickly. Also, some fundamental catalysts approaching to support.”
Looking at his chart, the trader suggests that OP will remain in a bullish uptrend as long as it can hold the $4.40 level as support. He believes the next key level to the upside is $4.97.
Optimism is trading for $4.45 at time of writing, down nearly 3% in the last 24 hours. Optimism reached a new all-time high of $4.84 on March 6th.
Next up, the trader predicts Ethereum competitor Hedera (HBAR) is on the verge of a massive breakout if it convincingly flips the resistance level of about $0.13 into support.
“The time-weighted average price (TWAP) continues on HBAR. We can see clear signs of absorption on sell-offs as we move up with strong spot demand supporting price on the rise. Note that price moves up aggressively with market buys but an equivalent amount of market sells fails to push price down by the same amount. Looks ready to explode to be honest.”
HBAR is trading for $0.12 at time of writing, down 5% in the last 24 hours.
Lastly, the trader analyzes the possible path forward for proof-of-work cryptocurrency Kaspa (KAS) after a bounce from recent lows.
“KAS has made a beautiful impulse off the $0.09-$0.10 lows – exactly what I look for in order to prep to buy a dip. Entered for a scalp to around $0.19 for now, after which point I will re-evaluate as I think this leg down may be the first of a larger/sideways complex correction.”
Looking at his chart, the trader suggests KAS will retest the $0.19 level.
KAS is trading for $0.15 at time of writing, down more than 6% in the last 24 hours.
Generated Image: Midjourney