Cryptocurrency trader and strategist Ali Martinez expressed bullish sentiments about Ethereum (ETH), the most liquid staking protocol by market capitalization.
Martinez says 39,200 Followers on the X Social Media Platform LidoDAO (LDO) is forming an ascending triangle on the weekly chart, which is generally considered bullish.
According to Martinez, LDO could rise in value by about 83% from current levels.
“Watch the $3.30 level closely! A sustained weekly close above this mark could trigger a bullish breakout, potentially pushing LDO to a new all-time high of $6.”
As of this writing, LDO is trading at $3.27.
Next is Bitcoin (BTC). Bitcoin’s recent rise to its highest in eight months coincides with massive accumulation by whales, the trader said, citing data from analytics platform Santiment.
“Bitcoin’s recent surge above $45,000 appears to be supported by significant whale activity!
Last week, the BTC whale accumulated over 30,000 BTC as the number of transactions surged. This accumulation could be a key factor driving the current uptrend!”
At the time of this writing, Bitcoin is trading at $43,214.
Martinez mentioned Litecoin (LTC) and said the outlook for the 22nd largest cryptocurrency asset by market capitalization “looks difficult.” According to cryptocurrency traders, Litecoin could fall around 42% from current levels.
“If the selling pressure continues, LTC could fall to $38, potentially confirming the formation of a bearish flag.”
Litecoin is trading at $65.19 at the time of this writing, down 43% from its 2023 high of $115, which was reached about a month before the cryptocurrency asset halved in August.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
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