- Token is trading above the 200 EMA on the daily time frame.
- The pair of LDO/USDT is trading at the price level of $1.87 with a decrease of -0.2% in the past 24 hours.
LIDO DAO (LDO) had been in a decline for a long time, but bulls have entered, reversing the trend. It is now up to the bulls to see how long they can continue their bullish momentum.
LDO on the daily time frame
The token has shown signs of bullish momentum, with a big bullish candle forming on the daily time frame. According to the daily chart, LDO is currently trading at $1.87, a loss of -0.2% in the last 24 hours. It is trading above its important Moving Averages, which are the 50 and 200 EMAs. (Red line is 50 EMA and the blue line is 200 EMA). The token has closed above the 200 EMA but is trading near previous resistance levels.
Relative Strength Index: The asset’s RSI curve is currently trading at 77.12, indicating that it is in a strong overbought zone. The RSI curve has crossed over the 14 SMA, indicating that the market is bullish. Strong green bullish candles on the daily time frame have driven the RSI value into the overbought zone. In the next few days, we may witness a slight pullback or retracement in token prices as well as the RSI curve.
Analyst view & Expectations
Token has crossed the 200 EMA with strong volume and has sustained above it. Investors who were unable to enter and wish to trade should wait for the token to take pullback before entering or wait for the token to close over the $2.14 resistance level. Intraday traders, on the other hand, have a good opportunity to go long when the token closes above the resistance level and book profit 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 fall by -7.05% in the coming days and reach $ 1.778424. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 30. (Fear). Over the last 30 days, Lido DAO Token has 14/30 (47%) green days and 25.82% price volatility. According to our Lido DAO Token forecast, now is a good time to buy Lido DAO Token.
Technical Levels
Major support: $1.80
Major resistance: $2.14
Conclusion
Token has gained bullish momentum and crossed the 200 EMA with high volume, thereby ending bears’ dominance over bulls. Investors can jump in now or wait for a dip or the token to break over the resistance level.
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.
Source: https://www.thecoinrepublic.com/2023/01/16/lido-dao-price-analysis-token-holds-above-the-200-ema-is-it-a-trend-reversal/