- Bulls were looking in solid momentum in the past trading sessions.
- LDO token sharply rising the gains showed bulls strength.
Lido Dao token is breaking the trendline and sharply raising the momentum above the psychological round of $2.00. The sellers’ short positions looked trapped, resulting in LDO’s price rally.
Moreover, the LDO token passing above the 200-day EMA also impacted bulls to acquire further momentum and attain further momentum in the form of follow-up buying.
Lido dao token shows strong muscles, showcased by bulls beating down the bears. However, a wick was formed in the last sessions, and the token was retraced from the supply mark of $2.50.Moreover, LDO held the grip above the key EMA and maintained strength in front of sellers.
When writing, the LDO token trades at $2.22 with an intraday gain of 4.72% showing bulls charging the muscles.
Moreover, the pair of LDO/BTC is at 0.000080 BTC, and the intraday trading volume increased by 4.00% to $106.26 million. The day high of LDO is $2.251, and the day low is $2.096. The market cap of LDO is $2.60 billion.
Daily Chart Exploration of LDO
LDO showed a recovery and then a breakout above the critical resistance marks on the daily charts. Furthermore, LDO also leaves the congestion zone, which strongly indicates the further rise of token price in the near-term sessions.
The price action shows that the token has reversed from the demand zone of $1.50 after the corrective move, and buyers attempted and gradually accumulated the token. However, sellers kept their positions near $2.50 and are waiting to face the battle.
The token is trading above the middle Bollinger band, and firm conviction arises from the technical parameters that the token will crack the immediate hurdle of $2.50 in the upcoming sessions and can retest the trajectory swings of $3.00.
If LDO succeeds in gaining further, then the immediate hurdle of $2.50 has to be looked out for, whereas if the token retraces towards the below zone of $2.00 acts as a support zone.
What Technical Indicators Suggest?
On the 4-hour charts, the LDO token remained above the 200-day EMA and maintained the gains with volumes. Furthermore, price action also gave confirmation of active buyers in the token who continued to make long positions in the past trading sessions.
The RSI flew above the overbought zone and showed massive buying in the intraday session, with a positive crossover noted in the index curve.
The MACD indicator showed a bullish crossover in the past trading sessions and floated green bars on the histogram.
LDO token is ready to surprise investors with more follow-on buying action soon.
Support Levels: $2.00
Resistance Level: $2.80 and $3.00
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.