Crypto Trader Bullish on Ethereum-Based Altcoin
Cryptocurrency trader Ali Martinez is optimistic about LidoDAO (LDO), Ethereum’s largest liquid staking protocol by market cap. Martinez believes that LDO is forming an ascending triangle pattern on the weekly chart, which typically indicates a bullish trend. He suggests that if LDO sustains a weekly close above the $3.30 level, it could trigger a breakout and potentially push the price to a new all-time high of $6, representing an 83% increase.
Bitcoin Rally Backed by Whale Accumulation
Martinez also highlights Bitcoin’s recent rally to an eight-month high, pointing out heavy accumulation by whales. According to data from analytics platform Santiment, BTC whales accumulated over 30,000 BTC in the past week, coinciding with a spike in their transaction count. This significant accumulation by whales is seen as a driving factor behind Bitcoin’s upward momentum.
LTC Outlook Looks Challenging
Martinez expresses a less optimistic outlook for Litecoin (LTC). The crypto trader suggests that LTC could experience a decline of approximately 42% from its current level. If selling pressure continues, LTC might drop to $38, potentially confirming a bear flag formation.
Hot Take: Crypto Trader’s Insights on Altcoins
Crypto trader Ali Martinez provides insights into the potential price movements of various altcoins. He is bullish on LidoDAO (LDO), expecting an 83% increase if it breaks out of its ascending triangle pattern. Martinez also notes significant whale accumulation in Bitcoin (BTC), supporting its recent rally. However, his outlook for Litecoin (LTC) is bearish, suggesting a potential decline of around 42%. These insights offer valuable information for crypto traders looking to make informed investment decisions.
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