Crypto Trader Says Ethereum-Based Altcoin Could Explode Over 80%, Updates Outlook for Bitcoin and Litecoin
Cryptocurrency trader and strategist Ali Martinez expresses his bullish sentiment on Ethereum (ETH), the largest liquid stake protocol by market cap.
Martinez tells his 39,200 followers on social media platform X that LidoDAO (LDO) is forming an ascending triangle on the weekly chart, which is usually considered bullish.
According to Martinez, LDO could appreciate by around 83% from current levels.
“Keep a close eye on the $3.30 mark! A sustained weekly close above this level could be the trigger for a bullish breakout, potentially pushing LDO towards a new all-time high of $6.”
Source: Ali Martinez/X
LDO is trading at $3.27 at the time of writing.
Next comes Bitcoin (BTC). Citing data from analytics platform Santiment, the trader says Bitcoin's recent rally to an eight-month high coincided with strong accumulation by whales.
“Bitcoin’s recent rise above $45,000 appears to be supported by significant whale activity!
Over the past week, BTC whales have accumulated over 30,000 BTC, which coincided with an increase in their transaction numbers. This accumulation could be a key factor in the current recovery!”
At the time of writing, Bitcoin is trading at $43,214.
Looking at Litecoin (LTC), Martinez says the outlook for the 22nd largest crypto asset by market cap “seems 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 the formation of a bear flag.”
Litecoin is trading at $65.19 at the time of writing, down 43% from its 2023 peak of $115, reached about a month before the crypto asset's August halving.
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