With a bullish trend in play, Lido DAO is approaching a long-awaited resistance trendline. As breakout opportunities arise, bulls are targeting $2.78.
As the bull run gains momentum, Lido DAO has surpassed the $1.50 mark and is aiming to end the protracted bearish trend. With consecutive bullish candles forming, buyers are anticipating a breakout rally soon.
Will the breakout rally in LDO prices push beyond the psychological $2 mark and break through the triangle pattern? Let’s explore.
Lido DAO (LDO) Price Analysis
In the daily chart, the LDO price action showcases a bullish recovery challenging a long-coming resistance trendline. The bullish recovery started with long-standing support at $0.90.
Since then, LDO’s price has surged more than 75%, crossing the $1.50 psychological barrier. The uptrend surpassed the 200-day EMA and the 38.20% Fibonacci level at $1.562.
Currently, the Lido DAO token is trading at $1.63 after five consecutive bullish days, during which the LDO price rose by 48%.
However, bullish exhaustion has led to a slight intraday pullback of 1.21%. This resulted in the formation of a doji candle near the overhead resistance trendline and a retest of the 38.20% Fibonacci level, marked by a longer tail.
Meanwhile, the 100-day and 50-day EMAs are on the verge of a bullish crossover. Furthermore, the daily RSI line has breached the overbought boundary line, reflecting a surge in buying pressure. Hence, the technical indicators project the high possibility of a breakout rally.
LDO Price Targets
The breakout above the 38.20% Fibonacci level marks a significant shift in the LDO price trend. This level coincided with a key support area during retracements in Q2 2024.
In the case of the trendline breakout, the uptrend shows potential to reach the 78.60% Fibonacci level at $2.788.
On the other hand, if the breakout fails and a pullback occurs, support could be found at the 200-day EMA at $1.461 or the 23.60% Fibonacci level at $1.267.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
