Crypto Trader Says Ethereum-Based Altcoin Could Explode by Over 80%, Updates Outlook on Bitcoin and Litecoin
Cryptocurrency dealer and strategist Ali Martinez is expressing bullish sentiment on Ethereum’s (ETH) largest liquid staking protocol by market cap.
Martinez tells his 39,200 followers on the X social media platform that LidoDAO (LDO) is forming an ascending triangle, which is usually thought-about bullish, on the weekly chart.
In accordance with Martinez, LDO might respect by roughly 83% from the present stage.
“Hold an in depth eye on the $3.30 stage! A sustained weekly shut above this mark may very well be the set off for a bullish breakout, doubtlessly propelling LDO towards a brand new all-time excessive of $6.”
LDO is buying and selling at $3.27 at time of writing.
Subsequent up is Bitcoin (BTC). Citing knowledge from analytics platform Santiment, the dealer says that Bitcoin’s latest rally to an eight-month excessive coincided with heavy accumulation by whales.
“The latest surge in Bitcoin above $45,000 appears to be backed by vital whale exercise!
Previously week, BTC whales gathered over 30,000 BTC, coinciding with a spike of their transaction rely. This accumulation may very well be a key issue driving the present upswing!”
Bitcoin is buying and selling at $43,214 at time of writing.
Turning to Litecoin (LTC), Martinez says that the outlook for the Twenty second-largest crypto asset by market cap “seems difficult”. In accordance with the crypto dealer, Litecoin might fall by round 42% from the present stage.
“If the promoting strain continues, LTC would possibly see a push all the way down to $38, doubtlessly confirming a bear flag formation.”
Litecoin is buying and selling at $65.19 at time of writing, down by 43% from its 2023 excessive of $115 reached round a month earlier than the crypto asset’s halving in August.
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