Will LDO Continue to Carry Forward Gains?

LDO price showed a pullback from the 200-day EMA and led a fresh-up move, displaying a 35% surge through last week. Moreover, the LDO token is now ready to crash the swing barrier of $4 and is looking to carry forward the rally. Furthermore, the trend is strong, and buyers have gained strength, which leads sellers into trouble.

LDO price has climbed above the key moving averages and is approaching the bullish trajectory. Additionally, the Lido dao token has surpassed the primary hurdle of $3 and is forming a fresh higher high after several sessions. The technicals suggest that LDO has spiked above its major hurdle and surpassed the 50% Fibonacci retracement zone, a positive sign for the following sessions.

At press time, Lido dao Token (LDO) was trading at $3.24 with an intraday gain of 6.27%, showing a pullback and exhibiting bullishness. Moreover, the trading volume jumped by 9.80% to $278.87 Million, highlighting buying momentum. The pair of LDO/BTC was noted at 0.0000732 BTC, while the market cap is $2.61 Billion. Analysts have maintained a neutral rating and suggest that the LDO price will reach $4 soon and continue to spray the gains.

LDO on Daily Chart Exhibits Pullback

The LDO token price has exhibited a pullback on the daily chart and is heading to beat the 52-week high mark of $3,90. Additionally, the price action signals the bulls’ dominance along with fresh buying momentum in recent sessions. Followed by the crypto market pump, the LDO token went from ‘underperforming to outperforming,’ revealing investor interest.

The relative strength index (RSI) curve stayed in the overbought zone and formed a positive divergence, suggesting an uptrend. The MACD indicator showed a bullish crossover and formed green bars on the histogram, meaning that buyers will continue to gain and surpass $4 soon.

Weekly Chart Displays Trend Reversal

The LDO token has left the correction phase on the weekly chart and led a fresh reversal from the lower trendline support zone near $1.50. Afterwards, buyers continued making the higher high rows, stretching the up move. Furthermore, the technicals suggest that the LDO price has reached its top and is near the supply zone of $3.50.

Summary

LDO price has overtaken the round mark of $3 and is displaying bullish momentum in recent sessions. Moreover, the trend is intact, and buyers will continue to stretch the gains, which will soon redirect the LDO price toward $4. Additionally, the LDO coin price has reached a bullish trajectory and will likely retest its 52-week high mark above $3.50 in the upcoming sessions.

Technical Levels

Support Levels:  $3.00 and $2.40

Resistance Levels:  $3.50 and $4

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.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.