Lido DAO Price Analysis: Will The Weekly Low Stand as Support for LDO Investors?

The Lido DAO is attempting to stabilize above the 10-day low with a slight uptrend.
On the 4-hours chart, the LDO started moving above the Parabolic SAR indicator.
The market cap is up 18.7% to $593 million in the last 24 hours.

Last night the Lido DAO token started rising higher as the bulls found support at the $1.5 mark. The market leader – bitcoin recently recorded a low below $20K, hence the decline in the altcoins. The LDO token is down over 26% in the past weeks.

At the time of writing, the Lido DAO token looks bullish on the lower time frame while it is trading at the $1.89 mark against USDT. In the 4-hours price scale, buyers accumulated assets above weekly lows before making a move higher. This consolidation suggests a further sustained rally in the price.

With reference to the 4-hours chart, the LDO started moving above the Parabolic SAR indicator. The given indicators can help buyers push the crypto prices higher this week. But the next resistance at $2.0 is not too far from the current levels, so buyers need to accumulate altcoins in this area.

Meanwhile the market capitalization of the LOD token has increased by 18.7% to $593 million in the last 24 hours according to CMC. The bulls need to add $7 million to the capitalization of the LDO to see the $600 million figure. Amidst the rally, trading volume increased by 105% compared to the previous night, which suggests a higher than average buy.

Traditional Indicators Cause Confusion Among LDO Investors

In terms of the daily price scale, the RSI remains in a descending parallel channel (above the chart), showing slightly positive signs for the LDO coin. Furthermore, MACD continues to move downwards after the bearish crossover, indicating downside for the crypto.

Conclusion

Lido DAO shows slight improvement and buyers try to maintain it. But an immediate resistance at $2.0 could impact further bullish momentum. Wait for a strong confirmation before taking any upside trades.

Support level – $1.5 and $1.0

Resistance level – $2.0 and $3.0

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.