The Lido Dao price has displayed a positive price action over the past week as the coin has added over 10% to its portfolio during this time. Further, the price continues to trade in a rising channel pattern, highlighting a strong bullish influence for this token in the crypto space.
The LDO price traded in a narrow space between $2.326 and $2.468 for a while, following which the price lost momentum and recorded a breakdown. After this, the Lido Dao traded in a consolidated range between $1.974 and $2.326 for about two weeks.
The altcoins then gained significant momentum, resulting in the LDO token breaking out of its resistance level. Further, the Cross EMA 50/200 displayed a Golden cross, highlighting a strong bull sentiment in the crypto space.
Since then, the price has been displaying a constant rise in the chart. Moreover, the EMA Cross 50-day acts as a dynamic support to the Lido Dao price, suggesting a strong bullish influence over this coin in the crypto market.
The MACD displays a rising red histogram, indicating an increased selling pressure in the market. Moreover, the averages show a Bearish convergence, suggesting the price will continue losing momentum in the coming time.
Will LDO Price Go Back Up?
If the bulls hold the price above the support level of $3.159, the LDO price will regain momentum and test its resistance level of $3.398 over the weekend.
Further, if the market holds the price at that level, the Lido token will attempt to test its upper resistance level of $3.60 in the coming time.
Conversely, if a trend reversal occurs, the price will continue to lose momentum and fall to test its support level of $2.971. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $2.825 during the week ahead.
Credit: Source link