A crypto analyst who nailed the end of the Bitcoin (BTC) bull market is naming one Ethereum (ETH)-based token that he says has the potential to explode.
Pseudonymous crypto strategist Pentoshi says that LDO, the native token of ETH staking project Lido DAO, is likely to print considerable gains now that it is trading above a key resistance level at $3.10.
“Will keep an eye on this level [$3.10]. Above it is nothing but air. Looking to play a breakout and retest if given. High on my watchlist as price discovery possible.”
At time of writing, LDO is worth $3.23, up nearly 9% in the last 24 hours.
The crypto analyst also has his radar locked on CRV, the governance token of stablecoin-focused decentralized exchange Curve Finance. According to Pentoshi, CRV looks bullish after taking out resistance at $1.14 on the low timeframe (LTF).
“CRV going for it on LTFs.”
At time of writing, CRV is trading for $1.25, up over 4% on the day.
Pentoshi is also keeping a close watch on interoperability protocol Synapse (SYN), which he says is likely to witness extended rallies.
“Just slowly grinding up. No changes in positioning for me last couple days. Just waiting for next target price level to come.”
At time of writing, SYN is worth $1.55, a fractional dip in the past day.
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] flip. Retest potential. First major spot to watch after the move up.”
At time of writing, Bitcoin is trading for $24,709, well above Pentoshi’s new support level.
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Source: https://dailyhodl.com/2023/02/19/analyst-forecasts-incoming-rallies-for-two-altcoins-says-ethereum-staking-token-now-on-his-radar/