Altcoins

Veteran Trader Says Ethereum Staking Project Is About To Enter Price Discovery Against Bitcoin, Warns Not To Fade Strong Altcoins

A widely followed analyst believes that Ethereum (ETH) staking service Lido (LDO) will likely continue its bullish ascent against Bitcoin (BTC) and the US dollar.

Pseudonymous crypto strategist Kaleo tells his 555,100 Twitter followers that LDO looks strong and seems poised for a rally against Bitcoin (LDO/BTC).

“If there’s one thing I’ve learned over the past six years, it’s not to fade strength. Longing Lido before price discovery seems like a much better play than trying to long your favorite shitcoin from last cycle that’s still down 80% from the highs hoping for a bounce.”

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Source: Kaleo/Twitter

He also says that Lido’s USD pair chart also looks bullish but notes that LDO has been impressive as it manages to outperform Bitcoin despite the king crypto’s bullish price action this month.

“LDO / USD chart looks similar, but important thing here is primarily that the BTC chart looks so strong (because of how bullish BTC is).”

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Source: Kaleo/Twitter

Lido is changing hands at $2.56 at time of writing, up nearly 170% from its low of $0.952 at the start of the year. The LDO/BTC pair is trading at 0.00011203 BTC at time of writing.

Kaleo also doubles down on his prediction that the king crypto asset is heading to $30,000.

“This is your daily reminder that $30,000 is a magnet.”

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Source: Kaleo/Twitter

Looking at his chart, Kaleo shows Bitcoin reaching $30,000 sometime in February and rising as high as about $35,000.

At time of writing, Bitcoin is changing hands at $23,107.

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