Lido DAO Shows Strength To Breakout; Will The Downtrend Line Be Invalidated?

  • LDO prices show strength for first time since post-merge.
  • LDO bounces back from the downtrend as it looks to break the downtrend. 
  • LDO’s price is showing bullish signals as it trades at 50 to 200 Exponential Moving averages (EMA), with high volume. 

The price of Lido DAO (LDO) has been one of the best performances before the “Ethereum Merge,” outperforming the market as the price rallied to an all-time high of $3 against tether (USDT). Although there was a downside to crypto markets, Bitcoin (BTC). The price plummeted from $19,000 to $18,100. According to the Consumer Price Index (CPI), an increase of inflation has affected the BTC market negatively. Altcoins also have been affected. The recovery of BTC altcoins like Lido DAO indicated that the objective to rally. Data from Binance

Lido DAO, (LDO), Price Analysis on The Weekly Chart

Although the crypto market experienced a sharp decline due to the CPI news, the market appeared to be manipulated as Bitcoin’s (BTC) price dropped from $19,200 to $18,200 in hours. As most altcoins started to gain strength, the market recovered quickly. LDO is looking to break out of the downtrend that had caused prices to crash.

The current increase in Bitcoin Dominance’s value (BTC.D), after a while, is not clear how this price bounce will last after the decline. BTC.D is rising and altcoins will see a steeper price drop when BTC reverses.

Uptober has been a good month for some altcoins, with many expecting such good moments for LDO after the token returned to the ashes after “Ethereum Merge” was successful.

After the rejection of LDO at $3, the price of LDO has been in a downtrend rather than an uptrend. The price showed a slight bounce to $2.2, but it was still bearish. However, the price faced more sell-off when the price fell to $1. 

Weekly resistance for the price of LDO – $2.2.

Weekly support for the price of LDO – $1.

Pricing Analysis For LDO on The Daily (1D), Chart

LDO Daily Price Chart | Source: LDOUSDT On

LDO prices are showing good daily performance. They trade below the 50 Exponential Movement Average (EMA) which is resistance.

LDO’s price currently trades at $1.3 as the price prepares to breakout the descending triangle it has formed. The upside breakout could indicate a massive rally towards the $2.2 mark.

Daily resistance for the price of LDO – $2.2.

Daily support for the price of LDO – $1.

Featured Image from zipmex. Charts From Tradingview 

Get more Crypto News at CFX Magazine