A extensively adopted crypto dealer who precisely predicted the underside for Bitcoin (BTC) in 2018 believes that one altcoin is on the verge of a large transfer to the upside.
Pseudonymous analyst Bluntz tells his 228,700 followers on the social media platform X that liquid-staking service supplier Lido DAO (LDO) is able to soar after a retest.
“Perfect retest on LDO and nice three-wave move from the highs. This one is gonna send so hard when BTC catches a bid again.”
Bluntz makes use of the Elliott Wave concept in his technical evaluation. The Elliott Wave concept states that the principle pattern of the worth of an asset strikes in a five-wave sample whereas the correction occurs in a three-wave sample.
The dealer turned bullish on LDO earlier this month.
Lido is buying and selling for $2.44 at time of writing, up 2.5% within the final 24 hours.
The dealer additionally says that he’s optimistic in regards to the broader crypto market after a decline within the US greenback index (DXY), which retains monitor of the USD’s worth in comparison with a basket of foreign currency. A weaker greenback usually suggests energy in threat belongings like Bitcoin.
“DXY got slaughtered today. Would say I’m surprised, but I’m not really. [DXY is] going much lower. Don’t underestimate how GOOD this is for crypto.”
Earlier this month, the dealer said the DXY appeared to have reached a market high and predicted the DXY would decline to 98 by Might 2024, giving a lift to threat belongings like Bitcoin. The DXY is at 104.38 at time of writing.
“DXY showing signs of distribution here while equities look like they may have finally found a bottom and crypto is almost certainly risk on again. If DXY has topped like I suspect and starts trading back under the range and below 105, the next six months will be great for risk assets.”
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