Analyst Bullish on Ethereum Layer-2 Project
A cryptocurrency analyst and trader known as Credible Crypto is expressing optimism about Optimism (OP), an Ethereum (ETH) layer-2 project. He believes that OP is currently in the price discovery phase and has the potential to move higher.
Credible Crypto states that if OP can hold its breakout and maintain its current price levels, it could experience rapid acceleration. Additionally, he mentions that there are fundamental catalysts on the horizon that could support OP’s upward movement.
Price Discovery and Support Levels
Price discovery refers to when a coin reaches new all-time highs that have never been seen before. Credible Crypto suggests that OP will continue its bullish trend as long as it remains above the $4.40 support level. He also identifies the next key level to watch for at $4.97.
Currently, OP is trading at $4.45, down nearly 3% in the last 24 hours. It recently reached an all-time high of $4.84 on March 6th.
Hedera (HBAR) Potential Breakout
Credible Crypto predicts that Hedera (HBAR), a competitor of Ethereum, may be on the verge of a massive breakout. He believes that if HBAR can successfully flip its resistance level of $0.13 into support, it could experience significant upward movement.
The analyst points out signs of absorption on sell-offs and strong spot demand supporting HBAR’s price rise. He notes that aggressive market buys are pushing the price up, while an equivalent amount of market sells fails to push the price down by the same magnitude.
At the time of writing, HBAR is trading at $0.12, down 5% in the last 24 hours.
Analysis of Kaspa (KAS) Price Action
Credible Crypto also analyzes the potential path forward for Kaspa (KAS), a proof-of-work cryptocurrency. He highlights a bounce from recent lows and suggests that KAS has made an impulse off the $0.09-$0.10 lows, indicating a possible dip buying opportunity.
The trader has entered a position for a scalp trade with a target around $0.19. After reaching this level, he plans to re-evaluate KAS as he believes that this downward leg may be part of a larger or sideways complex correction.
KAS is currently trading at $0.15, down more than 6% in the last 24 hours.
Hot Take: Altcoin Outlook
In summary, Credible Crypto is bullish on Optimism (OP) and sees potential for rapid acceleration if it can maintain its breakout. He also believes that Hedera (HBAR) is ready to explode if it flips its resistance level into support. Lastly, he identifies a potential buying opportunity in Kaspa (KAS) after its bounce from recent lows.
It’s important to note that cryptocurrency markets are highly volatile, and these predictions are based on the analyst’s technical analysis and observations at the time of writing. Traders and investors should conduct their own research and exercise caution when making investment decisions.
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