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- 1 LDO formed a double bottom pattern near $1.400, signals a bounce.
- 2 Buyers are holding the gains and looking for a pullback.
Lido Dao token price was in a downtrend and facing a sharp fall of over 55% from the start of 2023. Moreover, LDO persists in forming lower highs and lower lows and has been in the oversold region for the past weeks. However, buyers have persisted in trying for a rebound, but due to aggressive selling pressure, bears have shown their dominance, and token stayed in dragging. Recently, LDO has made a double bottom pattern and is hovering below the 20-day EMA near $1.480, trying for a remarkable bounce. However, the trend is negative, and price action shows the pressure from the top.
Lido Dao token price persisted in dragging the gains and being in the bear trajectory, showing seller dominance. Moreover, the chart structure shows volatility and low buying interest, giving bears an advantage in adding short positions for the past sessions. Furthermore, the LDO token is trading near the critical support zone, where if the price sustains above $1.400, a rebound toward the upper trendline near $1.650 can be seen. Conversely, if the price falls below $1.40, a fall toward the demand zone of $1.10 can be seen.
At press time, the LDO token price is trading at $1.490 with an intraday gain of 0.10%, showing flat moves on the charts. Moreover, the trading volume increased by 2.96% to $39.37 Million, and the pair of LDO/BTC is at 0.0000578 BTC. However, the market cap of LDO is $1.21 Billion. Moreover, analysts maintained a sell rating and suggested a significant downside for the following sessions.
LDO Price Action Shows Volatility On Daily Charts
On the daily charts, the LDO token price is trading below the 20-day EMA and shows a negative outlook for the past sessions. Moreover, the technicals suggest that the LDO price has shown a false breakout in the past sessions and persists in dragging the gains.
Technical Indicators Shows A Bounce On Short Term Charts
On the 4-hour charts, LDO token price has shown a bounce and tries to sustain above the 20-day EMA, indicating that buyers are attempting to retain the swing of $1.500.
The RSI curve bounced from the oversold region and formed a bullish divergence, suggesting a positive outlook for the following sessions. The MACD indicator showed a bullish crossover, and green bars on the histogram showed buyers’ efforts to surpass the upper trendline above $1.70.
Summary
Lido Dao token price is trading near the support zone and indicates a short-term bounce toward $1.70 in the following sessions. Furthermore, the double bottom pattern noted on the charts suggests that LDO will likely retest the trendline soon. Moreover, the LDO token price has already corrected and is holding the region and attempting a reversal.
Technical Levels
Support Levels: $1.400 and $1.200
Resistance Levels: $1.600 and $2.00
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 or stock 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.
