Cryptocurrency trader and strategist Ali Martinez expresses bullish sentiment on Ethereum’s (ETH) largest liquid staking protocol by market capitalization.
Martinez tells With its 39,200 followers on social media platform X, LidoDAO (LDO) forms an ascending triangle on the weekly chart, which is generally considered bullish.
According to Martinez, LDO could rise by about 83% from current levels.
“Keep a close eye on the $3.30 level! A sustained weekly close above this point could be the trigger for a bullish breakout, potentially pushing the LDO to a new all-time high at $6.”
LDO is trading at $3.27 at the time of writing.
The next step is Bitcoin (BTC). Citing data from analytics platform Santiment, the trader says Bitcoin’s recent rally to an eight-month high coincided with heavy whale accumulation.
“Bitcoin’s recent surge above $45,000 appears to be supported by significant whale activity!
In the past week, BTC whales collected more than 30,000 BTC, coinciding with a spike in their number of transactions. This accumulation could be a key factor driving the current upswing!”
Bitcoin is trading at $43,214 at the time of writing.
As for Litecoin (LTC), Martinez says the prospects for the 22nd largest crypto asset by market cap “appear challenging.” According to the crypto trader, Litecoin could fall by around 42% from current levels.
“If selling pressure continues, LTC could see a decline to $38, potentially confirming a bear flag formation.”
Litecoin is trading at $65.19 at the time of writing, down 43% from its 2023 high of $115, which was reached about a month before the crypto asset’s halving in August.
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Generated image: DALLE3