- LidoDAO crypto price breakout previous week high at $1.86 and formed strong bullish candle
- Lido DAO price bounced back from the lows at $0.900 and reclaim $1.00 mark
- LidoDAO bulls took control over 50 day EMA and might approach 200 day EMA
LidoDAO crypto price is trading with bullish cues and likely to continue its out performance in coming weeks. Recently, bulls broke out of the $1.000 mark with a strong bullish candle which will now act as an important technical level for short term base creation. Currently, LDO/USDT is trading at $1.200 with the intraday gains of 11.11% and 24 hour volume to market ratio stood at 0.0944
Will bulls breakout 200 Day EMA ?
On a daily time frame, LidoDAO prices had surprised its investors in the previous two sessions by gaining more than 30% with the strong volume bars indicating some genuine buyers had taken long positions and were dominating on lower levels. From the past couple of weeks prices had been trading sideways in the range between $0.870 to $1.295 and likely breakout on upside soon. Recently, LidoDAO price tested lows at $0.946 and jumped almost 13% while breaking out of the $1.00 mark, with the strong bullish candle denoting confidence of bullish traders and prices are aggressively approaching 200 day EMA for the confirmation of bullish trend reversal.
The 200 day ema (green) at $1.329 will act as a strong resistance in coming days followed by next hurdle will be at $1.800 and $2.215.On a lower side $0.900 will act as a savior for bulls and if prices slipped below $0.900 bears will try to drag the prices further down towards $0.400 level. The MACD had generated positive crossover indicating more upside movement possible in prices and RSI above 61 confirms the strength of bullish traders.
What does the smaller time frame chart reveal ?
On a lower time frame, LidoDAO crypto price had been consolidating in a tight range between $0.900 and $1.100 with a decent volume but, recently prices broke out upside with a higher volume which might be the indication of bullish trend reversal. The supertrend indicator had also generated a buy signal which indicates short term reversal and bulls are likely to challenge the next hurdle level at $1.295 in coming few sessions.
Summary
LidoDAO price had shown strong upside movement in previous two sessions and prices were likely to approach 200 day EMA in coming few weeks. As per technical analysis, bulls seem to be aggressive and will try to continue it’s dominance at $1.000 levels. So, traders may look for buying opportunities for the target $1.500 and above levels, by keeping $1.000 as SL and if prices slipped below $0.900, trend may reverse down and bears will drag the prices further down towards yearly lows at $0.400 levels.
Technical levels
Resistance levels : $1.800 and $2.215
Support levels : $0.870 and $0.406
