A widely followed crypto analyst says that an Ethereum-based (ETH) altcoin looks set to hit new all-time highs after rising 190% in 2023.
Pseudonymous trader Smart Contracter tells his 222,300 Twitter followers that layer-2 scaling solution Optimism (OP) will likely end up making all-time highs after breaking out from weeks of consolidation inside an ascending triangle pattern.
“Beautiful ascending triangle breakout on OP after weeks of sideways/accumulation.
Also like how all the moves down from the highs are corrective three-wave moves.
I think this one ends up making all-time highs.”
OP is trading for $2.64 at time of writing, an 8.16% gain on the day and about a 190% increase since the start of the year.
The crypto strategist then turns his sights on the peer-to-peer payments network Litecoin (LTC).
Smart Contracter says that he missed out on the opportunity to capitalize on the latest Bitcoin (BTC) rally because he made an error and sold during a period of low volatility, but now he’s looking to accumulate Litecoin as he believes the altcoin is flashing a bullish signal against the crypto king (LTC/BTC).
“Missed this most recent BTC impulse as I got shook out during low [volatility] Easter break (rookie mistake). Now looking to chase alts with good BTC pair setups, and I think LTC is one of them. I think LTC/BTC is very close to a reversal and higher low on daily.”
The LTC/BTC pair is currently trading at 0.003148 ($95.64).
Smart Contracter then turns his attention toward the leading smart contract platform Ethereum. According to the trader, the fear surrounding the platform’s new Shanghai update, which now allows users to withdraw their staked ETH, is not warranted. He also believes the top altcoin is flashing vibes of Bitcoin’s price action in 2019 when the crypto king surged by about 300% in a few months.
“Still think people are completely overreacting about the ETH Shanghai unlock and all I’m getting is 2019 vibes.”
ETH is trading for $2,095 at time of writing, a nearly 1.5% decrease during the last 24 hours.
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