The Lido Dao price has recorded a jump of over 22% in its valuation, indicating massive buying pressure for this crypto coin in the market. Further, the LDO price has added over 18% over the past week.
The Lido Dao price displayed a neutral trend by trading sideways in a closed range between $1.974 and $2.285 for about a week, following which the market gained momentum and the price broke out of the range.
Following this, the price traded between $2.285 and $2.524 for a while. As the market gained momentum, the price broke out of the range, but the rally was short-lived, resulting in the price experiencing a pullback in its value.
After multiple attempts, the price successfully broke out of the resistance level at $2.794. Since then, the price has been trading in a consolidated range between $2.794 and $3.60.
Recently, the bulls regained power and successfully broke out of the range, indicating a trend reversal in the market. The Lido Dao is currently trading in a narrow space between $3.60 and $3.845 and is attempting a break out of which the outcome is unpredictable.
Will LDO Price Continue Rising?
The Relative Strength Index (RSI) displays a sharp rise in the chart, indicating a massive bullish sentiment in the market. Moreover, the average is on the verge of testing its overbought limit, highlighting significant buying pressure for the coin.
If the bulls push the price above the resistance level of $3.845, the LDO price will regain momentum and prepare to test its upper resistance level of $4.150 soon. Further, if the bulls maintain the price at that level, the Lido Dao token will attempt to test its resistance level of $4.5 in the coming time.
Conversely, if the bears overpowered the bulls, the LDO price would lose momentum and fall to test its support level of $3.60. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $3.229 by the coming week.
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