Lido DAO (LDO) showed so much strength as the price rallied from $0.5 to a region of $3, creating a new all-time high against tether (USDT) ahead of the anticipated “Ethereum Merge.” Lido DAO (LDO) benefited from the relief bounces across the crypto market as it continues to top the chart week in and week out but has since struggled after the merge. (Data from Binance).
Lido DAO (LDO), Token Price Analysis On The Daily Chart
LDO experienced a drop in its value from $3.8 to $1.8, setting it up for an all-time record price, despite challenging market conditions. LDO’s price has struggled since to find the mojo that allowed it outperform many altcoins. Many are confused when LDO is running out of steam.
LDO was rejected multiple times and the daily chart price faced resistance at $2.2 LDO’s price formed a symmetric triangle as the price continued to range with two options available; an uptrend continuation or a break to the downside to test lower support.
For LDO’s price to restore its bullish move, the price needs to break out of the triangle and rally to the upside. LDO’s price must break above $2.2 with good volume. This would act as strong resistance to prevent the price moving upwards. LDO will retest its support level at $1.4-1 if the LDO price fails to rise to the upside.
Daily resistance for the price of LDO – $2.2.
Daily support for the price of LDO – $1.4-$1.
Pricing Analysis of LDO on the Four-Hourly (4H), Chart
LDO prices continue to slide in the fourth quarter. They have fallen to $1.8, which is key support. This will cause price to fall further and prevent a trend upward. We expect LDO to test lower support zones, $1.7 to $15. If LDO does not regain this zone we anticipate the price will retest them.
LDO currently trades at $1.79 under the 200 and 50 Exponential moving averages (EMA), which acts as resistance to LDO price. LDO price resistance is located at the 50-200 EMA and $1.9, respectively. LDO’s price must regain 50 EMA to have a chance of trending to $2.2. LDO may fail, and LDO prices will seek support in the lower half of this range.
LDO’s Relative Strength Index is (RSI) below 50 in the 4H chart. This indicates more volume of sell orders.
Four-Hourly resistance for the LDO price – $1.9-$2.
Four-Hourly support for the LDO price – $1.7-$1.5.
Featured image from Coinmarketcal. Charts from Tradingview