Crypto Analyst Says Large-Cap Layer-1 Altcoin Primed for a Breakout, Maps Path Forward for Bitcoin and Lido DAO

Cryptocurrency analyst and trader Ali Martinez is expressing bullish sentiment on one smart contract-enabled blockchain while updating his outlook on Bitcoin (BTC) and Lido DAO (LDO).

Martinez tells his 63,900 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator is flashing an opportunity for a long entry on the four-hour chart for the native token of layer-1 blockchain Toncoin (TON).

The analyst says that the TD Sequential indicator, which is used to determine potential points of trend reversals, is signaling that Toncoin could rally by around 46% from the current level to reach a price of $11.

Based on Martinez’s chart, it appears that Toncoin has also formed an ascending triangle pattern on the 12-hour chart. An ascending triangle pattern is typically considered bullish.

“However, the TD Sequential indicator suggests TON might briefly dip to $7.2 to gather liquidity before the upswing.”

Source: Ali Martinez/X

Toncoin is trading at $7.52 at time of writing.

Turning to Bitcoin, Martinez says that since 2013, the flagship crypto asset recorded the lowest returns during the July-September quarter.

“Beware!

Historically, Bitcoin has struggled in Q3, with an average return of 6.49% and a median return of -2.57%.”

Source: Ali Martinez/X

Bitcoin is trading at $67,658 at time of writing.

Next up is Lido DAO, a liquid staking service for the Ethereum (ETH) ecosystem. Martinez says,

“The TD Sequential presents a buy signal on the Lido DAO daily chart, predicting a potential rebound of one to four daily candlesticks for LDO!”

Source: Ali Martinez/X

Generated Image: DALLE3

Source