Lido DAO (LDO) showed so much strength as the price rallied from $0.5 to a region of $3, creating a new all-time high against tether (USDT) ahead of the anticipated “Ethereum Merge.” Lido DAO (LDO) benefited from the relief bounces across the crypto market as it continues to top the chart week in and week out but has since struggled after the merge. (Data from Binance)
Lido DAO (LDO) Token Price Analysis On The Daily Chart
LDO saw a decline in price from $3 to $1.8, setting its price up for a new all-time high despite the difficult market conditions. The price of LDO has since struggled to discover the mojo that helped LDO outperform so many altcoins, as many are confused if it is out of steam.
The price of LDO on the daily chart faced resistance at $2.2 as the price got rejected severally. LDO’s price formed a symmetric triangle as the price continued to range with two options available; an uptrend continuation or a break to the downside to test lower support.
For LDO’s price to restore its bullish move, the price needs to break out of the triangle and rally to the upside. With good volume, the LDO price would have to break and hold above $2.2, acting as strong resistance preventing the price from the upside. If the price of LDO fails to break to the upside, we would expect the price of LDO to retest the support area at $1.4-$1.
Daily resistance for the price of LDO – $2.2.
Daily support for the price of LDO – $1.4-$1.
Price Analysis Of LDO On The Four-Hourly (4H) Chart
The 4H timeframe for LDO prices continues to weaken as prices break to the downside of key support of $1.8 as price struggles to reclaim this region for a chance to trend higher. If LDO fails to reclaim this zone, we expect the price to retest lower support zones of $1.7-$1.5.
On the 4H timeframe, the price of LDO is currently trading at $1.79 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for LDO price. The price of $1.9 and $2 corresponds to the resistance at 50 and 200 EMA for the price of LDO. The price of LDO needs to reclaim 50 EMA for a chance to trend to $2.2. If LDO fails, the price of LDO will look for support below this area.
The Relative Strength Index (RSI) for LDO is below 50 on the 4H chart, indicating more sell order volume.
Four-Hourly resistance for the LDO price – $1.9-$2.
Four-Hourly support for the LDO price – $1.7-$1.5.
Featured Image From Coinmarketcal, Charts From Tradingview
