Crypto Trader Warns of Bitcoin, Highlights Ethereum Liquid Staking Project Signalling Short-Term Bullish Trend
A well-known cryptocurrency trader has identified a positive signal for the Ethereum blockchain’s liquid staking service. Ali Martinez, an analyst with a large following on social media, has revealed that the Tom DeMark (TD) Sequential indicator has recently given a buy signal on the 3-day chart for Lido DAO’s token (LDO). Martinez suggests that if LDO can maintain a price above $1.85, it could experience a rebound towards $3.
The TD Sequential Indicator is commonly used by traders to predict potential trend reversals based on the closing prices of the previous 13 bars or candles. At the time of writing, LDO is trading at $2.05 and has seen a 2.5% increase in price over the past week. It is currently ranked 63rd in terms of market capitalization.
In addition to his analysis of LDO, Martinez also provides an update on Bitcoin. He notes that the leading cryptocurrency has presented two sell signals on the 12-hour chart: a death cross between the 50 and 100 simple moving averages (SMA), and a red 9 candlestick from the TD Sequential. Martinez warns that if Bitcoin falls below $63,300, it could potentially drop to $61,000 or even $59,000.
A death cross occurs when the 50-day moving average crosses below the 200-day moving average, indicating a more significant bearish trend for the asset. Bitcoin is currently trading at $64,676 and has seen a nearly 2% increase in price over the past week.
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