An esteemed cryptocurrency trader has identified a positive signal for the Ethereum blockchain’s liquid staking service. Ali Martinez, a renowned analyst, has informed his substantial following of 60,600 users on the X social media platform that the Tom DeMark Sequential indicator has recently indicated a buying opportunity on the 3-day chart for Lido DAO’s cryptocurrency, LDO. Martinez suggests that if LDO manages to maintain its value above $1.85, it could experience a recovery towards $3.
The TD Sequential Indicator is widely used by traders to anticipate potential shifts in market trends based on the closing prices of the preceding 13 bars or candles. At the time of writing, LDO is being traded at $2.05. As the 63rd-ranked cryptocurrency by market capitalization, LDO has experienced a 2.5% increase in value over the past week.
Moreover, Martinez also provides an update on Bitcoin, highlighting two sell signals on the 12-hour chart for the leading cryptocurrency. These signals include a “death cross” formation, where the 50-day moving average intersects below the 200-day moving average, indicating a potential entry into a significant bearish phase. Martinez advises caution if Bitcoin’s value falls below $63,300, as it may lead to further declines towards $61,000 or even $59,000.
Currently, Bitcoin is being traded at $64,676. As the top-ranked cryptocurrency by market capitalization, Bitcoin has observed a nearly 2% increase in value over the past week.
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