- Lido DAO price has defended the major support level of $1.75.
- A golden crossover has been seen between the RSI and the RSI-based moving average.
LDO has been rising since September, but it hadn’t crossed the $8 barrier. The price has been declining since the second week of January 2023. The fact that the price of LDO cryptocurrency hasn’t reached its last swing high since the start of 2024 indicates that bears are still in control.
In the first 12 days of April, the price of Lido DAO fell by approximately 50%, reaching a low of $1.50. The price of LDO has been holding steady at the $2 mark since April.
The price of digital assets dropped below $2 mid-May, but buyers were able to recover and seize the available liquidity. Within ten days following the sellers’ trap, there was a 70% buying pressure on the price.
Based on the technical indicators, LDO price failed to exceed the key moving average showcasing a bearish forecast. The RSI has generated a golden crossover with the RSI-based moving average but failed again. Overall, the technical indicators favor bearish momentum.
LDO Price has Potential for Bullish Moves Ahead?
$LDO :
— VIKTOR (@thedefivillain) June 17, 2024
– One of strongest coins past 7 days
– It does have some sort of narrative
– Almost fully diluted
– Relatively small market cap
– Jeets out after months of underperformance (?)
I am still long $LDO pic.twitter.com/166HZQncNe
A user on the X suggests that the LDO was one of the strongest coins in the past 7 days. Lido DAO crypto has fully diluted its coins and relatively small market cap. In a 4-H time frame, the digital asset price has bounced back from the support level of $1.80 and seems to turn into a trend reversal.
Technical Analysis of LDO Price Over Daily Timeframe
At press time, the Lido DAO crypto price traded at $1.94 with an intraday gain of 4.11%. The market capitalization is $1.74 Billion and the 24-hour trading volume is $233.31 Million. The fully diluted market cap is $1.95 Billion.
Since the beginning of 2024, the LDO crypto price has been in a bearish trend and lost the last swing highs. Currently, the price has exceeded the 20-day EMA, but failed to hold and displayed a bearish move.
If the digital asset price sustains below the key moving average then the price may drop to the major support level of $1.50. Assuming LDO starts trading below the $1.50 mark, sellers may become confident which may result in a bearish trend.
Alternatively, if the Lido DAO price takes a reversal from the $1.85 level and surpasses the 20-day EMA, it may develop a new lower high. If the price extends to the $3 mark, buyers may show interest in approaching the $4 mark soon.
Conclusion
LDO price has been facing bearish momentum with the inability to surpass key moving averages. However, there are indications of potential bullish moves if the price can reverse from the support level of $1.85 and surpass the 20-day EMA. Sellers may gain confidence if the price drops below $1.50, leading to a prolonged bearish trend. On the other hand, a successful reversal and a sustained move above key resistance levels could attract buyer interest with targets around the $3 and potentially $4 marks in the near term.
Technical Levels
The LDO price is expected to face resistance from the $2.15 and $2.95 levels. The price may take support on the $1.75 and $1.40 marks respectively.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.