Renowned crypto trader and analyst, operating under the pseudonym DonAlt, has recently shared his perspectives on two major altcoins, Lido DAO (LDO) and Litecoin (LTC), which he currently finds interesting due to various market factors.
He points to LDO, the native token of the liquid staking service Lido DAO, as a compelling choice for investors bullish on altcoins. Despite the token significantly retracing from its previous week’s high of $2.48, the strategist maintains that LDO’s robust movements suggest a potential expression of bullishness in the altcoin domain. As of the time of writing, LDO was trading at $2.09, indicating a 1.79% decrease over the previous 24 hours.
Turning his attention to the well-known peer-to-peer payments network Litecoin (LTC), DonAlt discusses why this altcoin is intriguing despite broader market conditions. He attributes his interest to the upcoming halving event for LTC. In crypto parlance, a “halving” refers to reducing the reward for mining new blocks by half, an event typically pre-arranged in a cryptocurrency’s code and expected to occur at regular intervals.
The analyst shares his thoughts on a possible re-entry into LTC, given that the halving event is approximately 80 days away. He explains that the time-bound nature of such events is what he finds appealing, particularly if the cryptocurrency has been showing strength in trading, as is the case with Litecoin. He cautions, however, that Litecoin may not be a worthwhile trade if it does not demonstrate significant movement within the next 10 to 30 days. At the time of publication of this article, LTC was trading at $91.32, marking a 1.16% drop in the last 24 hours.
As for Ethereum (ETH), the leading smart contract platform, DonAlt observes signs of resilience despite the cryptocurrency respecting the $2,000 level as resistance. He speculates that the longer Ethereum maintains its current sideways trajectory, the more favorable it might be for bullish traders. If Ethereum can hold steady without further significant drops over the next two weeks, he suggests that long-side trades could become an exciting prospect. Currently (as of 12:00 p.m. UTC on May 22), ETH is trading around $1,814, with a modest 0.23% increase for the day.