Ethereum ecosystem projects have seen bullish momentum, with Optimism leading the way and exploding 50% this week. Will this trending project continue to run, or is it due a correction?
Meanwhile, the Meme Kombat presale is gathering pace after hitting $4.2 million, and a prominent analyst believes it could 100x in the bull run.
Optimism Breaks Descending Triangle With Traders Expecting Trend Continuation
After a period of general disinterest in Optimism and other Ethereum-related cryptos, the ecosystem has made a resurgence, with Optimism exploding 10% today, 50% this week, and 76% this month.
It is currently trading at $3.25, with the recent price action propelling it above its ATH, meaning it is now in price discovery.
Analyst CryptoAnalystSignal noted the bullish potential ahead of Optimism’s recent uptick, highlighting that it formed a descending triangle and targeted highs of $3, which it has now reached.
Despite this, Optimism has broken above the level, which previously acted as resistance. Analysts believe this indicates further upside potential.
One of those is Cryptoknight890, forecasting that OP could climb to highs of $8. The analyst provides an initial target of $5.7 following the breakout and expects a subsequent move to $8.
According to Cryptoknight, Optimism’s move past its ATH primes it “for a squeeze.”
Another analyst calling for $8 is Crypto McKenna. In a recent tweet, he explained that Optimism has started to pump and “Based on this strength clear we rip through all time highs like it was nothing. $6-8 reasonably priced.”
Meanwhile, Crypto Rover recently replied to a tweet he published on 1 February 2023 predicting Optimism will do a 50x. The project held a $500 million market cap at the time, meaning it has already done almost a 6x.
Nevertheless, this leaves room for an 8x, pushing its price to over $24.
The analyst replied to the tweet, stating, “This is nothing. It’s just getting started. This is one of my big holds for the next bull run. I’m super bullish on rollups.”
Based on Optimism’s $3 billion market cap, analysts forecast maximum returns of up to 8x. While this is an impressive yield, experts believe other cryptos offer much more upside potential in the upcoming bull rally.
One is Meme Kombat, a multipurpose meme coin that has raised $4.2 million in its presale.
GambleFi Presale Meme Kombat Raises $4.2M and Offers 210% Staking APY
Alongside Ethereum-ecosystem tokens, meme coins is another trending crypto category. One of the best to buy now is Meme Kombat, boasting unprecedented utility and massive hype.
It has raised $4.2 million with a $5 million hard cap, so market participants are rushing to secure the last $MK available at a fixed, discounted price.
The project features an innovative use case, letting users gamble on AI-generated fights between meme coin characters in its augmented battle arena.
They will wager with the $MK token, providing a steady demand stream that will help uphold the price while it also benefits from a significant viral allure.
Another notable advantage over other meme coins is its robust security efforts. The project features a doxxed team and smart contract audit, enhancing its transparency and the team’s accountability.
Analysts are significantly bullish on this concept. Renowned crypto YouTube OnlineHustleTV recently dubbed it a “100x coin,” urging his followers not to miss the remaining presale tokens.
Meanwhile, the YouTube channel Crypto Zone is even more optimistic, speculating it could 1000x. While this seems an unlikely dream, it should not be ruled out, given its pioneering use case and bullish market conditions.
However, with the presale almost over, traders must be fast to not miss out.