● Cardano has defended its crucial support, establishing a bullish pattern in the process. ● On the other hand, Optimism has lost its bullish momentum, facing huge drops, following a strong first two weeks in 2024. ● As it gets ready for a possible 25x price spike, investors have also been paying close attention to NuggetRush.
Investor sentiment post BTC ETF has been mixed, with bulls and bears tussling for control of the market. After weeks of uptrend, Optimism (OP) has found itself at the bearish end of the market.
On the flip side, Cardano (ADA) has defended a key support level, forming a bullish pattern for a 13x price surge. NuggetRush (NUGX) is one of the top crypto coins predicted to yield bigger returns as market experts forecast a 25x surge. Let’s find the reason for the diverging altcoin market trend.
Optimism (OP) Turns Bearish After Network Upgrade
In anticipation of its first network upgrade of 2024, the Optimism (OP) crypto was one of the most bullish altcoins. The altcoin price burst past the $4.20 resistance as it received support for the upgrade in mid-January. However, the tides have turned since then.
The price of Optimism has declined by 21% on the weekly chart, falling back to $3.24 in the process. Addressing the decline, Van de Poppe’s analysis suggested that this correction is part of a broader market trend. However, some of the best altcoins, like NuggetRush, have shown resistance to this bearish trend.
NuggetRush (NUGX) Attracts Investors With Potential 25x Surge
Despite the correction sweeping across the crypto market, NuggetRush (NUGX) has been building a head of steam. This new GameFi project was created to connect gamers and cryptocurrency with the world of artisanal mining. Within the immersive virtual world, players will relive the gold rush, this time as a part of it.
Players will set up mining operations in different regions as they go in search of gold and other precious minerals. It has missions and challenges where players must finish easy to difficult mining chores in order to receive cash, gold, and valuable NFTs. These are some of the best NFTs as they can be staked for up to 2% APR.
NuggetRush makes the game more interesting by extending its reach to the real world. Gamers are not the only ones to be rewarded for their skills. A portion of every reward within the game will be sent to real miners in developing countries.
This social impact model has made NuggetRush one of the best DeFi projects of 2024. This is one of the main reasons market experts are bullish about the NUGX token. While the ERC20 token is currently valued at only $0.018, analysts have forecasted a potential 25x surge for NUGX in the first half of the year.
Cardano (ADA) Forms Historical Pattern for 13x Surge
A lot of pressure has been placed on Cardano by the current bearish trend in the cryptocurrency market. As a result, there has been a drop of more than 14% from the week before. However, the ADA coin has managed to defend the key support level at $0.500.
However, a potential change of trend has been identified by the leading crypto expert Ali Martinez. Martinez called attention to the pattern that Cardano formed in 2020. With a repeat of that historical pattern happening, the price of Cardano is expected to surge by up to 13x in the coming weeks.
Closing Thoughts
The massive decline of Optimism has created a major shakeup in the altcoin market. Cardanoand NuggetRush have emerged as the frontrunners and the best coins to invest in. With bigger gains expected in the coming weeks, it is no wonder why more investors have gravitated towards NUGX ahead of its scheduled first quarter launch.
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