LDO has recently tested a crucial level in a parallel price channel, with a potential breakout targeting $2.10 and $2.40.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
Lido DAO’s native cryptocurrency LDO $0.91 24h volatility: 4.6% Market cap: $833.70 M Vol. 24h: $55.17 M is currently trading at around $1.64 after recently testing the lower boundary of its parallel price channel of $1.45 and $2.4. The token had been confined in this critical price range since November 25, as observed by market analysts.
As per a recent post by crypto expert Ali Martinez, this suggests signs of a potential bullish rebound as the TD Sequential indicator on the 12-hour chart has also issued a buy signal.
Latest CoinMarketCap data reveals that LDO has surged 8% in the last 24 hours, boasting a market cap of $1.46 billion and ranking 62nd among the largest cryptocurrencies by market capitalization. The token has recorded a 5% uptick in its 24-hour trading volume, currently sitting at $170 million.
On the daily chart, LDO price movement is holding the lower Bollinger Band, which is a classic signal of oversold conditions. A return toward the midline at $1.83 along with a substantial trading volume can result in a bullish rally.
The chart hints at a possible ascending triangle formation if LDO manages to hold above $1.60 and tests the $1.83 resistance level. This pattern typically precedes a bullish breakout.
On the other hand, the Relative Strength Index (RSI) currently hovers near 44.38, indicating neutral to slightly bearish momentum. The market sentiment may shift if the RSI climbs above the 50 threshold, validating a recovery.
Meanwhile, the MACD histogram shows narrowing red bars, indicating waning bearish momentum. A bullish crossover could signal a trend reversal, making it a crucial indicator to watch.
Amid a challenging month for the broader crypto market, LDO has shown notable resilience, recording a 4% gain over the past 30 days. As the leading Ethereum staking protocol, it has attracted attention from major players, including US President Donald Trump-backed World Liberty Financial (WLF), which uses it to stake its ETH holdings.
Looking ahead, Lido aims to strengthen its position by expanding services to institutional clients. The protocol also plans to drive the adoption of its signature product, stETH — a liquid, tradable version of staked Ether (ETH).
The current support level for LDO lies at $1.45, while immediate resistance stands at $1.83. A potential bullish breakout could propel LDO toward the $2.10 and $2.40 resistance zones. Popular trader Rod Maartin recently shared an optimistic scenario for the token, predicting a price target of $3 for the near future.
However, if LDO fails to hold the $1.45 support, it could face further bearish pressure, possibly pushing the token to $1.30. Notably, the cryptocurrency is 77% down from its all-time high of $7.3, achieved in 2021.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
