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- 1 The LDO token price showcased an upward movement and has retested the 50-day EMA mark.
- 2 LDO price experienced a retracement and is ready for a rebound.
Lido DAO token shows an uptrend and has retested the 50-day EMA mark, revealing profit booking in the last sessions. Moreover, the price action indicates the up move and has recovered over 60% in the previous sessions. The token has noted a trend reversal and is ready to lift the gains toward the supply zone of $5 in the upcoming sessions.
The LDO token price noted a slight correction but has held the gains near the trendline support zone of $2.50. However, the token did not breach the support trendline and may attain a rebound in the coming sessions. The price action signifies the buyers’ accumulation and the technicals reflect a neutral outlook. Per the Fib levels, the LDO price has sustained above the 38.2% zone and is trying to escape the 50% zone.
The cryptocurrency price was $2.769 at press time, with an intraday drop of 1.56%, showing a pause near the 50-day EMA. Moreover, the trading volume increased by 2.30% to $69.16 Million, highlighting investor interest. The pair of LDO/BTC was noted at 0.0000643BTC and the market cap is $2.24 Billion. Analysts are bullish and suggest that the LDO price will retain bullishness and claim $4 soon.
LDO On Daily Charts Displays Uptrend
The daily charts witnessed an inverted head and shoulders pattern, and the LDO token price glimpsed an upward move in the last sessions. However, due to adverse market sentiments, the token failed to extend the gains and noted profit booking in the previous sessions. Additionally, the token has sustained the gains amidst the market correction and decisively held gains in the bullish trajectory.
The RSI curve stayed below the midline and showed a negative crossover, indicating profit booking in the last sessions. Moreover, the MACD indicator shows a slight bearish outlook based on the bearish crossover glimpsed on the charts.
LDO On Weekly Charts Reveals the Buyers’ Accumulation
The Lido DAO token glimpsed a higher high formation on the weekly charts and delivered a bullish outlook. Despite multiple attempts by bears to breach the swing bar of $2, bulls held the gains decisively and persisted in attempting to register a breakout above $3.30 for the past sessions.
Summary
The LIDO DAO token signifies neutrality and attempts to cross the swing hurdle of $3.20 to retain the bullishness. However, the token is holding the gains decisively and is waiting for the bounce amidst the negative market sentiments. Furthermore, the trend is neutral, and the token will skyrocket soon and retest the highs of $4 in the upcoming sessions.
Technical Levels
Support Levels: $2.50 and $2.20
Resistance Levels: $3 and $3.20
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
