April 12, 2024
Crypto

Crypto Trader Says Ethereum-Based Altcoin Could Explode by Over 80%, Updates Outlook on Bitcoin and Litecoin


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.”

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Source: Ali Martinez/X

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!”

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Source: Ali Martinez/X

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.”

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Source: Ali Martinez/X

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.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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