Trader Who Caught 2023 Crypto Rally Names Two ‘Interesting’ Altcoins, Updates Forecast on Ethereum (ETH)
The crypto trader who masterfully rode the 2023 rally in the digital asset markets says he has his eye on two interesting large-cap altcoins.
In a new strategy session, pseudonymous trader DonAlt tells his 50,700 YouTube subscribers that one of the altcoins that caught his attention is LDO, the native token of liquid staking service Lido DAO.
According to the crypto strategist, LDO looks attractive even though it significantly retraced from last week’s high of $2.48.
“Lido has been really interesting lately where you have massive moves like you’re fully retraced. That’s really tough. I think those names, for example, Lido is one of the ones if you’re bullish altcoins, it’s a good one to express the bullishness.”
At time of writing, LDO is trading for $2.14.
Another altcoin on the analyst’s radar is peer-to-peer payments network Litecoin (LTC). According to DonAlt, Litecoin looks interesting despite current conditions in the broader altcoin markets due LTC’s incoming halving event.
“I could see myself get a re-entry there, so I actually like that one…
If you look at (the) Litecoin halving… it’s 80 days (away). So that’s like two almost three months. And that’s a nice deadline to have because a month before halving, you definitely don’t want to own Litecoin anymore. That means you have technically, for the Litecoin move to play out, you have 50 days.
I like those time invalidations because if the market keeps chopping and Litecoin doesn’t do anything in the next 10, 20, 30 days, it’s not going to be an interesting trade anymore, so you can just get out.
That kind of stuff I like, especially if the coin that has that is trading strongly, which Litecoin has.”
At time of writing, LTC is trading at $92.45.
As for Ethereum (ETH), DonAlt says that the leading smart contract platform is showing signs of life as it refuses to completely break down even after respecting $2,000 as resistance.
“With regards to ETH, I think the longer this goes sideways here the better it is for bulls because these kind of setups do have to play out eventually, and the longer they don’t play out, the more likely it is that they’re going to just disappear…
If we have two more weeks that don’t necessarily go much further than (the) last (couple of weeks) to the downside, I think at that point punting to the long side is actually going to start being interesting.”
At time of writing, Ethereum is worth $1,822.
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