A well-known cryptocurrency trader has revealed that a staking service for the Ethereum blockchain is indicating a short-term bullish trend. Ali Martinez, an analyst with a significant following on social media, claims that the Tom DeMark Sequential indicator has recently shown a buy signal on the Lido DAO’s 3-day chart. Martinez believes that if the price of Lido DAO’s token (LDO) remains above $1.85, it could potentially rebound to $3.

The TD Sequential Indicator is commonly used by traders to forecast possible trend reversals by analyzing the closing prices of the previous 13 bars or candles. Currently, LDO is trading at $2.05 and has experienced a 2.5% increase in value over the past week.

In addition to his analysis of LDO, Martinez also offers his outlook on Bitcoin. He notes that the leading cryptocurrency has presented two sell signals on its 12-hour chart: a death cross between the 50 and 100 SMA (simple moving average) and a red 9 candlestick from the TD Sequential. Martinez warns that if Bitcoin falls below $63,300, it could potentially drop to $61,000 or even $59,000.

A death cross occurs when the 50-day moving average moves below the 200-day moving average, indicating a potential downturn for the asset. Currently, Bitcoin is trading at $64,676 and has seen a nearly 2% increase in value over the past week.

Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in cryptocurrency. Transfers and trades are done at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets and is not a financial advisor.