The Lido DAO (LDO) buyers have exhausted since the beginning of 2024, and sellers dominated the trend. Buyers tried their best to defend the $1.50 mark in Q2 and July, but sellers remained solid. It was a strong support level, but not strong enough to prevent bears from dragging the price down.
Since July, the LDO price has declined due to resistance from a declining trendline, which has triggered a breakout. The LDO price has now dropped to another good support level, and buyers seem interested. Keep on reading to learn why the LDO price may erupt soon even though it looks bearish now.
LDO Price Has Groomed a Beautiful Chart; Learn How
Ghost (@TheGhostBTC) has tweeted that the Lido DAO crypto price has the potential to move upward. Defending the major support level of $1.00 could lead to a bullish move till the $1.50 mark.
Suppose the trading volume supports this momentum, buyers may remain strong further. Overcoming the $1.50 hurdle could attract buyers for the $2.20 mark. The LDO crypto has not touched that level for several months, but it certainly has the potential.
LDO Price Has Shaped a Falling Wedge Pattern and Triggered a Breakout
When writing, the Lido DAO crypto was trading at $1.10, which remained neutral over the past 24 hours. Its market capitalization was $987.90 Million, and the 24-hour trading volume was $90.77.
On a daily time frame, the LDO price has formed a falling wedge pattern and witnessed a breakout. During the breakout, the price exceeded the 20-day exponential moving average (EMA) and was eyeing for the 200-day EMA.
COINBASE: LDO/USD 1-D Chart By TradingView
Based on the technical chart, buyers have overcome the $1.50 demand zone, and technical indicators also supported them. Once the price manages to sustain over the 20-day EMA, it could be a bullish signal.
Suppose the LDO price smashes the crucial territory of $1.50, investors may show interest. The involvement of investors might help to flip the trend to bullish, and the price may extend to the $2 mark.
On the other hand, if the crypto asset price starts trading below the $1 mark, it could be a bearish signal. The price below this level could invite sellers, who may drag it to a new all-time low (ATL) level.
The RSI has witnessed a bullish divergence and wandering over the RSI-based moving average. The MACD has triggered a bullish divergence and the histograms were green.
LDO Price Analysis and Forecast
The LDO price has shown signs of strength and potential for a bullish breakout. The bullish divergence in RSI and MACD, along with the breakout from the falling wedge pattern, indicate a positive momentum.
If the price manages to sustain above the $1.50 and the 20-day EMA levels, it could attract more investor interest and push toward the $2 mark.
However, a drop below the $1 level could invite selling pressure and push the price to new lows. Monitoring the price action and key support levels will be crucial in determining the next direction for Lido Dao crypto price.
