Cryptocurrency expert singles out a digital token on the Ethereum blockchain that is expected to grow rapidly

A well-known crypto trader who accurately predicted the fall of bitcoin BTC $95,889.54 Bitcoin -1.38% Market capitalization $1.9 trillion VOL. 24 hours $2.41 billion in 2018 believes that one of the altcoins is on the verge of a powerful breakthrough

A cryptocurrency analyst known as Bluntz tells his 228,700 followers on the X platform that staking service provider Lido DAO (LDO) is ready to take off after a retest.

«Perfect retest of LDO and a good three-wave move off the highs. It will be a very strong upside when BTC catches the price again,» the crypto expert writes.

In his technical analysis, Bluntz uses the Elliott Wave Theory, which states that the main trend of an asset’s price moves in a five-wave pattern, while the correction occurs in a three-wave pattern.

Bluntz is optimistic about the global crypto market after the decline in the US dollar index (DXY). A weaker dollar often signals a strengthening of risky assets such as bitcoin. «The DXY was destroyed today. I’d say I’m surprised, but I’m not. [DXY] is falling significantly lower. Don' t underestimate how good this is for cryptocurrencies,» the crypto expert emphasized.

Earlier this month, the trader said that the DXY index seems to have reached the top of the market and predicted that it would drop to 98 points by May 2024. In turn, this will give a boost to risky assets, i.e. cryptocurrencies.

«The DXY is showing signs of a distribution here, while stocks look like they’ve finally found a bottom, and cryptocurrencies are almost certainly at risk again. If the DXY tops out, as I suspect it will, and starts trading below the range and below 105, then the next six months will be great for risk assets,» Bluntz concluded.