A crypto analyst with a large following in the crypto market has updated his outlook following recent developments. The analyst points to an altcoin project and says it is on the verge of a major upward move.
Bluntz: This altcoin is ready to rise hard!
cryptokoin.comAs you can see from , there is an unstable atmosphere in the market today. Leading cryptocurrency Bitcoin continues its struggle even though it lost 37 thousand dollars. Meanwhile, some altcoins are recording strong rises. In the fog of the market, the analyst nicknamed Bluntz shared his latest predictions with his followers on the social media platform X. Check out this article for the analyst’s accurate predictions. The analyst draws his followers’ attention to liquid staking service provider Lido DAO (LDO). Bluntz says the altcoin price is poised to rise after a retest. In this context, the analyst uses the following statements:
An excellent retest in the LDO and a nice three-wave move from the highs. This will skyrocket once BTC regains some momentum.
Bluntz uses Elliott Wave theory in his technical analysis. This theory is based on the thesis that the main trend of an asset’s price moves in a five-wave pattern. He also suggests that the correction occurred in a three-wave model. Meanwhile, the analyst was bullish on LDO earlier this month. The altcoin was trading at $2.35 at the time of writing, losing 4.42% in the last 24 hours.
DXY’s decline will support risky assets!
The analyst also says he is optimistic about the broader crypto market following the decline in the US dollar index (DXY), which tracks the value of the USD compared to a basket of foreign currencies. A weaker dollar generally supports the strengthening of risky assets like Bitcoin and altcoin projects. The analyst said, “They killed DXY today. I can say I was surprised, but I wasn’t really surprised. DXY will fall further. “Don’t underestimate how good this is for crypto.” says.
Earlier this month, the analyst said DXY appeared to have reached a market top. He also suggested that DXY will drop to 98 by May 2024. Moreover, he predicted that it would support risky assets such as Bitcoin and altcoin projects. DXY is at 104.38 at the time of this writing. The analyst shares the following assessment:
While DXY is showing signs of dissipation here, stocks appear to have finally found a bottom. Additionally, crypto is almost certainly at risk again. If DXY peaks as I suspect and starts trading below the 105 level, the next six months will be great for risk assets.
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