Crypto Trader Says Ethereum Altcoin That Has Exploded 190% This Year Is About To Reach New All-Time High
A widely followed cryptoanalyst says an Ethereum-based (ETH) altcoin looks set to hit new all-time highs after surging 190% in 2023.
Pseudonymous trader Smart Contractor says his 222,300 Twitter followers that layer-2 scaling solution Optimism (OP) is likely to end up hitting all-time highs after breaking out of weeks of consolidation inside an ascending triangle pattern.
“Beautiful ascending triangle breakout on OP after weeks of sideways/accumulation.
Also like how all moves down from the highs are corrective three-wave moves.
I think this one will end up setting all-time records.”
OP is trading at $2.64 at the time of writing, a gain of 8.16% on the day and roughly 190% increase since the start of the year.
The crypto strategist then turns his gaze to the peer-to-peer payment network Litecoin (LTC).
Smart Contractor says that he missed on the opportunity to take advantage of the recent Bitcoin (BTC) rally because he made a mistake and sold during a period of low volatility, but now he is looking to accumulate Litecoin as he believes the altcoin is flashing a bullish signal against the crypto king (LTC) / BTC).
“Missed this last BTC impulse when I was shaken out during low [volatility] Easter break (rookie mistake). Now looking to chase altars 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 Contractor then turns its attention to the leading smart contract platform Ethereum. According to the trader, the fears surrounding the platform’s new Shanghai update, which now allows users to withdraw their staked ETH, are not justified. He too mean the top altcoin blinks Bitcoin’s price action in 2019 as the crypto king surged roughly 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 at $2,095 at the time of writing, down almost 1.5% in the last 24 hours.
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