A widely followed analyst and trader is leaning bullish on one large-cap altcoin while updating his outlook on two other crypto assets.
The analyst and trader pseudonymously known as DonAlt tells his 649,700 followers on the social media platform X that Litecoin (LTC) has “one of the best-looking crypto charts right now.”
Based on DonAlt’s chart, it appears he is suggesting that Litecoin is potentially forming an ascending triangle on the weekly time frame. In technical analysis, an ascending triangle is typically considered bullish as the asset prints higher lows.
On the possible reason behind Litecoin’s bullishness, the pseudonymous analyst says,
“The main reason why is speculation on an exchange-traded fund (ETF).
I think it’s one of the most likely to get one so that’s not too dumb a line of thinking.
Just might take a while to play out.”
Litecoin is trading at $129 at time of writing.
Next up is Bitcoin (BTC). The pseudonymous analyst says that Bitcoin is currently “struggling” and that the best entry opportunity for a long entry lies above $101,000. According to DonAlt, Bitcoin is right now trading in a “simple range” with the key support level at around $95,000 and the key resistance at around $101,000.
Bitcoin is trading at $96,836 at time of writing.
Turning to BNB, DonaAlt says that the sixth-largest crypto asset by market cap appears bullish on the monthly time frame after climbing above a range that started in early 2021.
“It looks even better now.
No close sub $625 would cement the bull case [for BNB].”
BNB is trading at $667 at time of writing.
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Generated Image: Midjourney
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