Amid the recent resurgence in the cryptocurrency market, Lido DAO’s (LDO) impressive price movement has caught the attention of traders. Over the past few weeks, LDO has been range-bound between $1.50 and $2.00. However, with the current market recovery, it seems to be breaking out of this consolidation phase.
Lido DAO (LDO) Technical Analysis
Expert technical analysis indicates that LDO has been trading within a tight range since late December 2024, with the $2 level serving as a significant resistance point. The asset has faced multiple rejections at this level, leading to noticeable price retracements.
Nevertheless, the current market sentiment suggests a shift that could potentially trigger a price breakout above this resistance barrier.
LDO Price Prediction
For the breakout to be confirmed, LDO must close a daily candle above the $2.15 level. If successful, there is a strong chance that the token could surge by 55% to reach $3.37 in the near future.
Currently, LDO is trading above the 200 Exponential Moving Average (EMA) on the daily chart, indicating an upward trend. Additionally, the Relative Strength Index (RSI) is below 55, signaling further upside potential in the coming days.
Bullish On-Chain Metrics
On-chain analytics from Coinglass reveal a bullish outlook for LDO following the breakout. Open interest (OI) for LDO has surged by 32% in the past 24 hours and 20% in the last four hours, suggesting increased interest from intraday traders.
The long/short ratio for LDO indicates a strong bias towards long positions, with over 53.50% of traders holding long positions compared to 46.50% holding short positions, favoring the bulls.
Current Price Momentum
As of now, LDO is trading around $2.13, with a price surge of over 16% in the last 24 hours. The trading volume has also increased by 60%, indicating heightened trading activity and investor participation following the breakout.
In conclusion, the recent price action and on-chain metrics suggest a bullish outlook for Lido DAO’s (LDO) price trajectory. Traders and investors are closely monitoring the breakout above the key resistance level, with the potential for substantial upside if the momentum continues.