A widely followed cryptocurrency analyst and trader is growing bullish on an Ethereum (ETH) layer-2 project.
The analyst, pseudonymously known as Credible Crypto tells According to its 379,100 followers on the social media platform
Price discovery is a term used to describe the situation where a coin is trading at levels never seen before in its history.
“I just took a position in OP. We’re at record highs, but we’re also technically in price development, which means if we can hold on to this breakout, things could accelerate quickly. There are also some fundamental catalysts that are approaching 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 major level upward is $4.97.
Optimism is trading at $4.45 at the time of writing, down almost 3% in the last 24 hours. Optimism hit a new all-time high of $4.84 on March 6.
Then the trader predicts Ethereum competitor Hedera (HBAR) is on the verge of a massive breakout if it convincingly converts the resistance level of around $0.13 into support.
“The time-weighted average price (TWAP) continues on HBAR. We can see clear signs of sell-off absorption as we move higher, while strong spot market demand supports rising prices. Note that the price increases aggressively when buying from the market, but an equivalent amount of market selling fails to reduce the price by the same amount. Looks ready to explode, to be honest.”
HBAR is trading at $0.12 at the time of writing, down 5% in the last 24 hours.
Finally, the trader analyses the possible path forward for proof-of-work cryptocurrency Kaspa (KAS) after a recovery from recent lows.
“KAS has provided nice momentum from the lows of $0.09-$0.10 – exactly what I am looking for to prepare for a dip. I am currently subscribed to a scalp of around $0.19, at which point I will reevaluate as I think this leg down could be the first of a larger/sideways complex correction.
Looking at his chart, the trader suggests that KAS will retest the $0.19 level.
KAS is trading at $0.15 at the time of writing, down more than 6% in the last 24 hours.
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Generated image: Midjourney