A popular crypto trader says the Ethereum (ETH) blockchain’s liquid staking service is sending short-term bullish signals.
Analyst Ali Martinez To tell His 60,600 followers on social media platform X reported that the Tom DeMark (TD) Sequential indicator recently provided a buy signal on the 3-day chart of Lido DAO (LDO).
“If LDO can sustain above $1.85, it could rebound towards $3.”
Traders use the TD Sequential Indicator to predict potential trend reversals in a token based on the closing prices of the past 13 bars or candlesticks.
At the time of writing, LDO is trading at $2.05. The crypto asset, which ranks 63rd by market capitalization, has gained 2.5% over the past week.
Martinez also updated his outlook on Bitcoin (BTC), noting that the top crypto asset showed two sell signals on the 12-hour chart.
“Death cross between 50 and 100 SMA (Simple Moving Average) and TD Sequential red 9 candlestick.
If BTC falls below $63,300, be prepared for a possible plunge to $61,000 or even $59,000. ”
A death cross occurs when the 50-day moving average falls below the 200-day moving average, indicating that the asset may be entering a more pronounced bearish phase.
At the time of writing, Bitcoin is trading at $64,676. The top crypto asset by market capitalization has risen nearly 2% over the past week.
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