A prominent cryptocurrency trader said the liquid staking service for the Ethereum (ETH) blockchain is sending bullish signals in the near term.
Analyst Ali Martinez says 60,600 followers on social media platform
“If LDO can stay above $1.85, it could bounce back to $3!”
Traders use the TD Sequential indicator to predict potential trend reversals in tokens based on the closing prices of the previous 13 bars or candles.
As of this writing, LDO is trading at $2.05. The cryptocurrency asset, ranked 63rd by market capitalization, rose 2.5% last week.
Martinez also updated his outlook for Bitcoin (BTC), noting that the top cryptocurrency asset showed two sell signals on the 12-hour chart.
“Dead cross between 50 and 100 SMA (simple moving average) and red 9 candlestick of TD Sequential.
If BTC falls below $63,300, it could fall to $61,000 or $59,000.”
A dead cross occurs when the 50-day moving average crosses below the 200-day moving average, which is a sign that the asset may be entering a more pronounced bearish phase.
At the time of this writing, Bitcoin is trading at $64,676. The top cryptocurrency asset by market capitalization is up nearly 2% over the past week.
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