LIDO DAO Price Analysis: Bulls are in action; can they reach the $2.9373 mark?

• The token has gained bullish actions in the previous sessions.
• LDO token is trading above the 50 & 200 EMA on the daily time frame.
• The pair of  LDO/USDT is trading at the price level of $2.2015 with a decrease of -6.35% in the past 24 hours.

Bulls came in and took command of the trend, dethroning the bears. The LIDO DAO (LDO) token has bounced off the support level of $0.8943 with strong bullish momentum and has gained over 150% in the past few weeks.

LDO token on the daily chart

On the daily time frame, the token broke over the resistance level and has sustained above it. According to the daily chart, LDO token is currently trading at $2.2015, a -6.35% loss in the last 24 hours. It is trading above its key Moving Averages (50 and 200 EMAs). (Red line is 50 EMA and the blue line is 200 EMA). The bulls are looking strong, and the bullish trend is expected to continue in the coming days.

MACD: The MACD indicator shows bullish strength and has provided a bullish crossover. The MACD line is colored blue, while the signal line is colored yellow. Bullish crossover happens when the MACD line crosses above the signal line, and vice versa. If the token’s price continues to rise, we may see a big green histogram form on the MACD.

Analyst view & Expectations

The token has broken through the resistance level of $2.1931, and the next target, if the bullish trend continues, will be $2.9373. Investors who want to buy now can do so as the token has sustained above the resistance level on the daily time frame. Intraday traders, on the other hand, have a good opportunity to go long and can aim for $2.9373 and book profits based on their risk to reward ratio.

According to our current Lido DAO Token price prediction, the value of Lido DAO Token is expected to climb by 14.62% over the next several days, reaching $ 2.54. Our technical indicators indicate that the current sentiment is bullish, with the Fear & Greed Index reading 53. (Neutral). Over the last 30 days, Lido DAO Token has 16/30 (53%) green days and 32.50% price volatility. According to our Lido DAO Token forecast, now is a good time to buy Lido DAO Token.

Technical Levels

Major support: $1.7797

Major resistance: $2.9373

Conclusion

According to the price action, the token has gained traction, and the bulls are driving up the price of the token, forming a bullish chart pattern. Investors may now go long and trade while managing their risk.

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets 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.

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