An analyst who correctly predicted the Bitcoin bottom in 2018 now claims that Lido DAO (LDO) has tremendous upside potential. Based on chart analysis from liquid staking service provider Lido DAO, analyst Bluntz suggested that the altcoin price is poised to rise and could make a strong breakout in the future.
According to Bluntz’s analysis, a perfect retest observed on the LDO chart supports the altcoin’s potential future rise. The analyst uses the Elliott Wave theory, which is frequently used in technical analysis, when creating this prediction. This theory suggests that price movements follow a certain pattern and that this pattern can be used to predict future price movements. According to the theory, the main trend in the price of an asset occurs in a five-wave pattern, while the correction occurs in a three-wave pattern.
Bluntz’s to your prediction According to Bitcoin, when the next bid opportunity comes, LDO may show a very sharp upward move. The analyst bases this prediction on chart analysis and technical indicators, highlighting this potential resulting from the combination of Lido DAO’s strong fundamentals and market dynamics.
“An excellent retest in the LDO and a nice three-wave move from the tops. “When BTC catches a bid again, it will move very hard.”
NEWS CONTINUES BELOW
Earlier this month, Bluntz expressed bullish expectations for LDO, and now he has addressed investors by backing up that expectation with chart analysis. However, every investment decision should be carefully considered and based on your own research. Given the variability of market conditions, it is important to assess risks and implement appropriate risk management strategies.
The altcoin is trading at $2.44 at press time.
Koinfinans.com As we reported, the analyst also updated his predictions for the overall cryptocurrency market. For this, Bluntz looked at the US dollar index (DXY), which tracks the value of the USD relative to a basket of foreign currencies. A weaker dollar generally indicates strength in risk assets like Bitcoin.
“DXY was murdered today. I can say I was surprised, but actually I wasn’t. [DXY] It goes much lower. Don’t underestimate how GOOD this is for crypto.”
The crypto analyst predicted earlier this month that DXY appeared to have reached a market top and that DXY would fall to 98 by May 2024, supporting risky assets like Bitcoin. DXY is at 104.38 levels at the time of writing this article.
“If DXY peaks as I suspect and starts trading below the 105 range again, the next six months will be great for risk assets.”
You can follow the current price movement here.