Cryptocurrency trader and strategist Ali Martinez analyzed the current developments in the cryptocurrency markets and gave a positive outlook on the future of LidoDAO (LDO). perspective presented. Martinez noted that the ascending triangle formation observed on LidoDAO’s weekly chart is generally considered a strong bullish signal.
LidoDAO stands out as a protocol that offers its users the opportunity to stake and liquidate Ethereum. According to technical analysis by Ali Martinez, the ascending triangle formed by LDO on the weekly chart could indicate a significant increase in the value of the altcoin. According to the analysis, LDO has the potential to appreciate approximately 83% from the current level.
Martinez points to $3.30 as a critical level that investors should pay particular attention to. He notes that if LidoDAO (LDO) were to make a sustained weekly close above this level, this could trigger an uptrend and potentially push the value of LDO towards its all-time high of $6.
“Keep a close eye on the $3.30 level! “A sustained weekly close above this level could trigger an uptrend and potentially push LDO towards its all-time high of $6.”
NEWS CONTINUES BELOW
At press time, the altcoin is trading at $3.27. Therefore, as Martinez noted in his analysis, keeping a close eye on the $3.30 level could be an important strategic move for investors.
Another cryptocurrency evaluated by the analyst is Bitcoin (BTC). Citing data from analytics platform Santiment, Martinez pointed out that Bitcoin’s rise towards the highest level in the last eight months coincided with the intense accumulation of whales.
“Bitcoin’s recent rally above $45,000 appears to be supported by significant whale activity! Last week, BTC whales accumulated more than 30,000 BTC, which coincided with an increase in transaction numbers. This accumulation may be an important factor driving the current rise!”
Martinez, who recently reviewed the popular altcoin Litecoin (LTC), says LTC “seems compelling.” According to the crypto analyst, Litecoin could fall around 42% from its current level.
“If the selling pressure continues, LTC could see a decline to $38, confirming a potential bear flag formation.”
Litecoin is trading at $65.19, down 43% from its 2023 high of $115.
You can follow the current price movement here.