Crypto Catalyst: Bullish Signal Emerges for Ethereum Liquid Staking

A popular crypto analyst believes that Lido DAO's liquid staking service for the Ethereum blockchain is showing a short-term bullish signal. The analyst points to the Tom DeMark (TD) Sequential indicator presenting a buy signal, suggesting that LDO could rebound toward $3 if it can hold above $1.85.

Crypto Analyst Detects Bullish Signal for Ethereum Liquid Staking Service

Noted crypto trader Ali Martinez has identified a bullish indicator for Lido DAO's (LDO) liquid staking service on the Ethereum blockchain. According to Martinez, the Tom DeMark (TD) Sequential indicator has presented a buy signal on LDO's 3-day chart.

The TD Sequential Indicator is utilized by analysts to forecast potential trend reversals in tokens by examining the closing prices of their preceding 13 bars or candles. Martinez emphasizes, "If LDO can maintain its position above $1.85, we may witness a resurgence towards $3!"

At the time of writing, LDO is valued at $2.05. The crypto asset, currently ranked 63rd by market capitalization, has experienced a 2.5% increase in the past week.

Martinez also provides an update on Bitcoin (BTC), highlighting that the leading cryptocurrency has exhibited two sell signals on its 12-hour chart. These indicators include a "death cross" between the 50 and 100 Simple Moving Averages (SMAs) and a red 9 candlestick from the TD Sequential.

Martinez cautions, "Should BTC descend below $63,300, prepare for potential plunges to $61,000 or even $59,000."

A "death cross" occurs when the 50-day moving average intersects below the 200-day moving average, signaling a potential transition into a more pronounced bearish phase.

Bitcoin is currently trading at $64,676. In the past week, the top-ranked crypto asset by market capitalization has witnessed a rise of approximately 2%.

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