Cryptocurrency trader 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 typically considered bullish, on the weekly chart.
According to Martinez, LDO could appreciate by approximately 83% from the current level.
“Keep a close eye on the $3.30 level! A sustained weekly close above this mark could be the trigger for a bullish breakout, potentially propelling LDO toward a new all-time high of $6.”
LDO is trading at $3.27 at time of writing.
Next up is Bitcoin (BTC). Citing data from analytics platform Santiment, the trader says that Bitcoin’s recent rally to an eight-month high coincided with heavy accumulation by whales.
“The recent surge in Bitcoin above $45,000 seems to be backed by significant whale activity!
In the past week, BTC whales accumulated over 30,000 BTC, coinciding with a spike in their transaction count. This accumulation could be a key factor driving the current upswing!”
Bitcoin is trading at $43,214 at time of writing.
Turning to Litecoin (LTC), Martinez says that the outlook for the 22nd-largest crypto asset by market cap “appears challenging”. According to the crypto trader, Litecoin could fall by around 42% from the current level.
“If the selling pressure continues, LTC might see a push down to $38, potentially confirming a bear flag formation.”
Litecoin is trading at $65.19 at time of writing, down by 43% from its 2023 high of $115 reached around a month before the crypto asset’s halving in August.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3
