- LDO is expected to regain its bullish momentum once again after the upper trendline (the blue line) breakout.
- MACD and RSI indicators are not giving any buying signal.
The token is currently trading in a sideways trend and is continuously facing rejection from its major resistance level. Previously on January 2, it gave a trendline breakout on the daily chart and went on to its major resistance level with a strong bull move.
Monoscopic View
On the daily chart, LDO is currently trading at those price levels from where earlier it gave a down move and went on to its support level. The token was trading around its support level for almost around 2 months and finally gave a bull move this past month. There are two trend lines marked on the daily chart. The upper trend line (the blue line) is acting as the token’s resistance and the lower trendline (the green line) is acting as its support. Therefore, if the price crosses the upper trendline with a good volume then a bull move can be seen and the price can reach back to its all-time high.
The RSI curve was trading at 48.84 which is below its 50-point level. This shows that currently bears are stronger than bulls. On the other hand, the MACD is also showing a sell signal since it has given a bearish crossover. The histograms that are being formed on MACD are red which shows that bears are strong.
Microscopic View
The short-term chart is currently forming a triple-top pattern. The triple top pattern indicates that there are chances that soon a down move can be seen. Therefore, by looking at the short-term chart, we conclude that bears are getting strong.
Lido Dao token’s performance this year may be slow, according to Telegaon.com. Their LDO coin price forecast indicates that in 2023, the price might reach a maximum price level of $4.83. However, the average price of Lido Dao can be around $3.29. A Lido Dao token’s minimum price can drop as low as $2.98 if there is a bearish trend. Telegaon.com further states that the price of Lido Dao could increase more than they predicted it would in the long run during the next bull movement.
Additionally, according to the website, the Lido Dap token’s average price in 2024, may be around $7.38. If the price continues to rise, then it might reach a maximum of $9.38 by the end of the year. However, Lido Dao’s minimum price level may be around $5.13 if the market experiences a bearish run.
Conclusion
The token does not seem to be giving a bull move in the upcoming days since it is in a sideways trend and also it has been consistently facing resistance from $2.57839699.
Technical Levels
Resistance levels – $2.28140664 and $2.57839699
Support levels – $0.95840102 and $1.74608731
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.
