A closely followed crypto analyst predicts that an Ethereum-based altcoin project will set new highs with 190% gains. Widespread rally could lead to these levels in ETH and Litecoin price…
Smart Contracter predicted rally for 3 altcoins
For the analyst’s successful forecasts cryptocoin.comYou can take a look at this article. In his current analysis, Contracter predicts that Ethereum layer-2 scaling solution Optimism (OP) will break up from the ascending triangle formation. According to the analyst, an exit from weeks of consolidation could help the OP price reach new highs.
According to Contracter’s analysis, “After weeks of side/accumulation, a nice ascending triangle breakout is occurring in the OP. I think OP is reaching all-time highs.”
OP price is trading at $2.67, down around 2% on the intraday and up about 190% since the start of the year. It has made significant gains during the week as Ethereum surpassed $2,000.
Litecoin needs these for the next bull
Smart Contracter admitted that he missed the opportunity to capitalize on the recent Bitcoin (BTC) rally and made a mistake while selling Litecoin during the low volatility period. But now he is trying to accumulate LTC again as he believes the altcoin is showing bullish signals against the crypto king.
The analyst’s expectation is based on Litecoin’s strong performance against Bitcoin. Litecoin has had a high correlation against Bitcoin in the past and therefore Smart Contracter is looking to capitalize on the possible uptrend in the LTC/BTC pair.
Rising Bitcoin proposes 300% rally for leading altcoin
Smart Contracter then focuses on the leading smart contract platform Ethereum. According to the trader, fears about allowing users to withdraw their staked ETH with the platform’s new Shanghai update are unnecessary. He also says that it reflects the price action of the largest altcoin, Bitcoin, where it rose nearly 300% in a few months in 2019:
I still think the ETH Shanghai lock is totally overrated and I’m going all-in with 2019 vibes.
What are analysts saying about Ethereum’s Shanghai update?
The Shanghai update was implemented on the night of April 12, freeing around $35 billion worth of ETH. While worried about a potential selling pressure, here are the highlights from crypto experts:
- Ethereum’s new update is an important step in allowing users to withdraw their staked ETH.
- Thanks to this update, Ethereum increases its competitiveness against other Layer 1 competitors.
- Some analysts think that this update may have a negative impact on ETH prices. However, others predict that Ethereum is preparing for a 2019-like rally.
- It seems that Ethereum is currently experiencing low volatility and sideways price action. However, many analysts do not believe that this situation will continue for a while and expect a movement in prices in the near future.
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