Lido DAO (LDO) showed strong strength as its price rose from the $0.5 to $3 range, setting a new all-time high on Tether (USDT) ahead of the expected “Ethereum Consolidation”. Lido DAO (LDO) has benefited from the relief in the crypto market as it continues to climb to the top of the chart week in and week out but has struggled since the merger. (Data from Binance)
Lido DAO (LDO) Token price analysis on daily chart
LDO has seen a decline from $3 to $1.8, putting its price at a new high in difficult market conditions. The price of LDO has since struggled to regain the mojo that helped LDO outperform many altcoins, as many would be confused if it ran out of steam.
The LDO price on the daily chart faced resistance at $2.2 and the price was rejected separately. The price of LDO formed a symmetrical triangle, as the price continued to rise with two options. A continuation higher or a breakout lower to test lower support.
For LDO price to resume its mass movement, the price must break out of the triangle and rally upwards. In good terms, LDO price should break and hold above $2.2, which is a strong resistance preventing the price from going higher. If LDO price fails to break higher, we expect LDO price to retest the support area at $1.4-$1.
Daily resistance for LDO price – $ 2.2.
Daily support for LDO price – $1.4-$1.
LDO price analysis on a four-hour (4H) chart
The 4H time frame for LDO prices continues to weaken as price declines to key support at $1.8 as it struggles to regain an opportunity to move higher above this range. If the LDO fails to recover this zone, we expect the price to retest the lower support zones of $1.7-$1.5.
On the 4H timeframe, LDO price is currently trading below the 50 and 200 Exponential Moving Average (EMA) at $1.79, which serves as resistance for LDO price. The price of $1.9 and $2 corresponds to the resistance of the LDO price at the 50 and 200 EMA. LDO price needs to retrace the 50 EMA to get a chance to move to $2.2. If LDO fails, LDO price will seek support below this area.
The LDO Relative Strength Index (RSI) is below 50 on the 4H chart, indicating further sell order volume.
Four-hour resistance for LDO price – $1.9-$2.
Four-hour support for LDO price – $1.7-$1.5.
Featured Image From Coinmarketcal, Charts From Tradingview