The Lido DAO (LDO) price bounced sharply two days ago and is approaching the final resistance area before a new all-time high.
In February 2023, the LDO price created a double top pattern (green circle) above the $3 horizontal resistance area. The double top is considered a bearish pattern, meaning that it leads to reversals most of the time.
As expected, the price fell afterward, validating the long-term $3 resistance area and creating a long upper wick (red icon) on March 14.
Currently, LDO trades in the middle of its horizontal range of between $2 and $3. Since the daily RSI is above 50 and increasing (green icon), a breakout from the range is the most likely scenario.
If that occurs, the next resistance would be at $4.12, created by the 1.61 external Fib retracement of the most recent drop.
On the other hand, if the rally loses momentum, LDO could drop to the $2 support area once more.
Lido DAO (LDO) Price Prediction for April: New All-Time High on the Horizon?
The technical analysis from the short-term six-hour time frame gives a bullish LDO price prediction for April. The main reason for this is the breakout from a descending resistance line and its validation as support (green icon). The movement was combined with a RSI breakout above 50, increasing its legitimacy.
LDO failed to move above the 0.618 Fib retracement resistance level despite the breakout. If it does, it will confirm that the trend is bullish, and a new all-time high is expected.
However, if the price gets rejected, a downward movement toward the range low of $2 could ensue.
To conclude, the most likely LDO price forecast is an increase toward the $3 resistance area and eventual breakout. This could lead to a price pump towards $4.12. On the other hand, a rejection from the $2.80 area would invalidate this bullish forecast. In that case, the LDO price could fall to its range bottom at $2.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
Source: https://beincrypto.com/lido-dao-price-all-time-high-next/