Analyst Says Ethereum Puts Token High on His Watchlist, Predicts Rally for Two More Altcoins
A cryptoanalyst who spotted the end of the Bitcoin (BTC) bull market cites one Ethereum (ETH)-based token that he says has the potential to explode.
Pseudonymous crypto strategist Pentoshi says that LDO, the native token of the ETH stake project Lido DAO, is likely to make significant gains now that it is trading above a key resistance level of $3.10.
“Will keep an eye on this level [$3.10]. Above it is nothing but air. Want to play a breakout and retest if given. High on my watch list as price discovery is possible.”
At the time of writing, LDO is worth $3.23, up almost 9% in the last 24 hours.
The crypto analyst also has his radar locked on CRV, the ticker symbol of stablecoin-focused decentralized exchange Curve Finance. According to Pentoshi, CRV looks bullish after taking out resistance at $1.14 on the low time frame (LTF).
“CRV goes for it on LTFs.”
At the time of writing, CRV is trading at $1.25, up over 4% on the day.
Pentoshi is also closely watching the interoperability protocol Synapse (SYN), which he says is likely to witness extended rallies.
“Just slow down. No changes in positioning for me in the last couple of days. Just waiting for the next target price level to come.”
At the time of writing, SYN is worth $1.55, a fractional dip over the past 24 hours.
As for Bitcoin itself, Pentoshi believes that BTC remains bullish after converting a previous resistance level into support.
“$23,300-$23,700 [support to resistance] turn around. Test the potential again. First big place to look after the move.”
At the time of writing, Bitcoin is trading at $24,709, well above Pentoshi’s new support level.
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