Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Lido Dao token (LDO token) price is trading close to the falling trendline and is near the 50-day EMA, showing neutrality on the charts. Moreover, the chart shows the double bottom pattern and signals a bounce toward the 100-day EMA near $2.00 is to be reached in the following sessions. Furthermore, the price action shows the buyers’ accumulation and is gaining traction. However, bulls need solid momentum to surpass the primary hurdle of $2.00, and if aggressive buying comes, it will skyrocket toward $2.50 near the upper trajectory.
Lido Dao token price is trading above the 20-day EMA and is retesting the trendline signals that the buying momentum is shown, and fresh buying cues signal the reversal witnessed on the charts. However, investors need to chase the momentum and persist in accumulating the LDO token amid the broad selling pressure in the market. LDO token has held onto the gains near the mid-bollinger band and is attempting to reach the immediate swing of $2.50.
At press time, the LDO token price was $1.578 with an intraday gain of 2.40%, showing a reversal on the charts. Moreover, the trading volume increased by 1.72% to $29.23 Million, and the pair of LDO/BTC is at 0.0000564 BTC. However, the market cap of LDO is $1.27 Billion. However, analysts have maintained neutrality and suggest that LDO will recover soon and may skyrocket if sustained above $3.00 in the upcoming sessions.
Will LDO Token Extend Reversal Toward $2?
On the daily charts, the LDO token price is close to the 50-day EMA and has shown buyer interest in the past sessions. Moreover, the price action shows that the correction has ended, buyers are looking for a significant upside, and investors have persisted in accumulating the token. Furthermore, the LDO token has held the gains on the 23.6% Fib zone and has shown signs of reversal.
The RSI curve is near neutrality, has shown bearish divergence, and suggests that buyers are willing to chase the momentum and are trying to reach $2.00.The MACD indicator showed a bearish crossover and formed red bars on the histogram, highlighting the volatility on the charts.
Summary
Lido Dao (LDO token) price has sustained the gains at the 20-day EMA and is looking to smash the immediate hurdles of $2, followed by $2.50 to retest in the upcoming sessions. Moreover, the correction has ended, and buyers want to retain the strength and rescue the gains amid the negative market sentiments.
Technical Levels
Support Levels: $1.20 and $1.00
Resistance Levels: $2.00 and $2.20
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.
Source: https://www.thecoinrepublic.com/2023/10/07/lido-dao-price-close-to-50-day-ema-will-ldo-attain-strength/