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- Lido DAO token price sustained above the 50 and 200-day EMA
- LDO token average volume remains high as compared to the previous month.
- LDO token technical indicators are mildly bearish but the price action is still in the favor of bulls.
Lido DAO token price is trading with mild bullish cues and bulls are trying to hold the price above the 50-day EMA to show its dominance on the lower levels. Currently, The pair of LDO/USDT was trading at $2.078 with intraday gains at 0.34% and the 24-hour volume-to-market cap ratio at 0.0696
Will the LDO token price hold $2.000?
On a daily time frame, the Lido DAO token price is on an uptrend, and bulls have succeeded to keep the price above both the important EMAs. At the beginning of January, LDO price broke out of the narrow range consolidation zone with a giant bullish candle and continued the upward momentum while forming higher high candles. Recently, in the past few days, LDO price has faced resistance near the supply zone and are reversing down towards the 50-day EMA.
The average volume of the LDO token has surged to the next level and the 50 and 200-day EMA has also generated a golden crossover which indicates the positional trend has reversed in the favor of bulls, and any dips toward the support level will be a buying opportunity for the investors. On the higher side $2.483 will act as an immediate hurdle for bulls followed by the next hurdle at $3.100
The technical indicators of the LDO token are mildly bearish but the price is still in the favor of bulls. The probability of bouncing back from the support level of $1.852 and $1.500 is high till market sentiment remains positive. However, if overall market sentiment turns negative then it can create trouble for bullish traders. The MACD had generated a negative crossover indicating the price might trade with negative bias and the RSI curve at 51 denotes the neutral sentiment between bullish and bearish positions.
Summary
Lido DAO token price had performed quite well and sustained the above the 50 and 200 day mark showing the confidence of bulls at the lower levels. The technical analysis suggests that LDO price is bullish and it will soon bounce back from the support levels.
Therefore, traders may look for buying opportunities near to the support levels for the target of the $3.000 mark by keeping $1.200 as SL. However, if price slipped below the $1.200 then bears can drag the price down towards the yearly lows.
Technical levels
Resistance levels: $2.843 and $3.100
Support levels: $1.500 and $1.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
