Lido DAO Price Analysis: Will LDO Regain Its Upside Levels?

• The token is looking bullish in the short-term time frame.
• It is currently trading at $1.58 with a repulse of 3.96% in the last 24 hours.
• The token is down from its all-time high by 85.6%.

LDO price has been in a downtrend since it marked its yearly high of $3.3. The price almost came down by 56% from its yearly high. The price came down to $1.4 from where the price took support, the price is currently trading between the levels of $1.4 to $1.7.

The token marked its all-time high on 16th November 2021. The token at its ATH was priced at $11.

It is currently trading with a surge in the trading volume by 45.4% in the last 24 hours.

The 24-hour trading volume of the token is $70.36 Million. It has a present market capitalization of $1.41 Billion. The token has a circulating supply of 890.26 Million LDO which is 89.03% of its total supply.

Sentiment Analysis 

The price of the token has increased by 7.81% and the total market volume has surged by 20.66% in the last 7 days. The total social engagements also increased by 63.85% and the total bullish sentiments have seen a rise of 100%.

The overall sentiments indicate a positive price action as the volume has surged and the social community is in force. The bullish sentiments are increased as the price is also increasing with a good volume.

Technical Analysis in Daily-1D Timeframe

As can be seen in the chart, the price tried to break the resistance level of $2.5 twice but was rejected both times. After getting rejected the second time, the price came down to $1.4 from where the price took support and started to move up. But the price got a rejection from the $1.7 resistance level and 100-day EMA.

The price has to move above the 50-day EMA and start trading above and sustain above it for a bullish move. The price may give some sideways movement before giving a reversal in the trend.

If the price breaks below the $1.4 level, then it will be considered bearish and will continue the downtrend as $1.4 is a very crucial level of support. There are fewer chances that the price will break below it as the volume has started to increase and also the bullish investors will be soon entering the market as the price has been in a bearish scenario for a long time.

Relative Strength Index (RSI)

The RSI line is presently moving at 51.13 points and the SMA 14 is moving at 48.82 points. The RSI is currently above the neutral level of 50. If the RSI gets below the neutral level from here, then this can be a bearish sign for the price.

Moving Average Convergence/Divergence (MACD) 

The fast blue line moving average is above the red slow line moving average. The volumes in the histogram are showing a decrease in the volumes which is not a good sign as the price needs a good amount of volume if it wants an upward movement.

Conclusion 

The LDO price is looking bullish as the price is approaching an important support level from where the price can give a trend reversal and the price can be bullish. Investors should wait until the price successfully retests from the support with an immense volume so that one can get an upward movement easily.

If the volume decreases at the support level, then the next support is at $1.2.

Technical Levels 

Support Levels: $1.4 and $1.2

Resistance Levels: $1.7, $1.85 and $2.5

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.