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- 1 LDO price broke its trendline of $2.00 and showed bullishness on the charts.
- 2 Bulls gained momentum and ruled over the bears, showing their dominance.
Lido Dao price showed broke out above the $2.00 level and continued to extend the rally, acquiring follow-on gains from the past sessions. Moreover, the breakout showed a golden crossover on the charts, indicating buyers’ momentum gain. Furthermore, LDO price surpassed a major hurdle with a massive spike in volume, showing investors’ interest and demand for the token.
LDO token is now approaching the $2.500 mark. However, sellers trapped near $2.00 aggressively shifted their grip to $2.500. However the buyers are putting up a fight.
The chart shows that LDO consolidated in a narrow range over the past few months and produced a range breakout above $2.00. Investors are likely to maintain a positive outlook after this range breakout.
Moreover, the price action showcased that the correction has now ended, and a fresh uptrend has begun. The trendline is broken out, and the token rises forming bullish candles show long buildup activity on the charts.
At the time of writing, the LDO token is trading at $2.42 with an intraday gain of 1.42%, showing that bulls are stretching the overnight gains decisively. Moreover, the intraday trading volume increased by 7.65% to $153.16 Million. The pair of LDO/BTC is at 0.000080 BTC, and the market cap is $2.83 Billion.
Daily Charts Shows Trendline Breakout
On the daily charts, LDO token price escaped the hurdle of $2.00 and is riding the gains toward the immediate round mark of $2.500. If buyers can surpass and grab the range, momentum will extend, and the price will enter bullish territory. The trajectory of the token suggests that $2.650 is the ideal supply zone to hold the gains.
As per the technicals, LDO price is trading near the 50% Fib level and trying to sustain above it. At the same time, the price escaped the upper bollinger band and showed a strong breakout on the charts.
Short Term Charts Signals a Beginning of Uptrend
On the 4 hours chart, LDO token broke the trendline and retested the 20-day EMA mark, rising further, it produced the higher highs and higher lows sequence on the chart. Furthermore, the trend and momentum are shifting in favor of the bulls.
The RSI curve rose sharply toward the overbought zone and is near 65, showing a positive crossover on the charts.
The MACD indicator showed a bullish crossover and huge green bars signalled a major chart breakout.
Conclusion:
The price of Lido Dao token (LDO) rose above the crucial hurdle of $2.00. Moreover, investors are clearly showing their demand and continued accumulating over the previous sessions.
Technical Levels:
Support Levels: $2.00
Resistance Levels:$2.660 and $3.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
