- LDO token showed a bounce from the demand zone.
- Bulls going in the right path of uptrend.
LDO token headed towards the path of gains and recovered the price from the demand zone in the past trading sessions.
Lido dao token shows strong muscles, showcased by bulls beating down the bears. The token is ready to lift the price above the resistance mark of $2.40. Above that sharp rise can be seen in token price. Moreover, LDO showed an increase in momentum that led sellers in the conservative state to maintain their positions.
Moreover, the price action showed that the correction in the token was ended, and there was a fresh reversal plotted on the charts and a new beginning of an era driven by bulls in the last trading sessions.
When writing, the LDO token is trading at $2.05 with an intraday gain of 3.20% showing buyers putting interest and trying to surge the token above 20-day EMA. Moreover, the trading volume also surged by 4.50%, showing interest is rising among investors.
Will bulls continue to lead further?
On the daily charts, the LDO token attained momentum and rose from the ashes gaining from the demand zone of $1.70. Buying is witnessed on the token, and sellers were trapped in the last couple of trading sessions.
Moreover, LDO jumps above the mid-Bollinger band, which shows that the momentum is now exceeded, and buyers are trying to leave the congestion zone sooner to claim the uptrend.
As per the Fib levels, LDO is reverted from the 38.2% level and formed a higher low in the last session, now bringing the pace while taking a pause on the charts.
What does LDO suggest in the short term?
On the 4-hour charts, the LDO token pauses the round mark of $2.00 and shows the intention to have safer hands above the 200 days EMA to achieve further momentum.
LDO token price is near the trendline, which buyers are trying to crack and make an upward move. Moreover, the token started to form higher highs and lows, showing buyers took charge and gained traction.
The RSI is near 50 and shows neutral perspectives rather than hawkish moves. While it bounced from the oversold region in the past sessions, it recovered on the charts.
The MACD indicator also began to plot green bars on the histogram showing the rising momentum of bulls and long positions buildup from the buyers.
Moreover, the bullish crossover was also noted in the MACD indicator.
Conclusion:
LDO token noted a recovery from the bottom while forming a base near $1.70. The token is ready to bounce further, and prepared to register a breakout in the upcoming sessions.
Technical Levels:
Support Levels: $2.00
Resistance Level: $2.80 and $3.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.