Due to the failure of major cryptocurrencies to maintain their price, the market is still trading negatively. For over a week, the LDO price moved in a consolidated band between $1.456 and $1.498.
After then, there was a sharp price increase of 19% in just two days, going from $1.456 to $1.732. The price lost momentum and dropped by 10% in value after this spike, even though the chart showed a Golden Cross.
Lido Dao: Is There About To Be A Significant Breakthrough?,Lido Dao Price Analysis: Is There About To Be A Significant Breakthrough??
After experiencing a brief period of sideways trading between $1.549 and $1.620, the LDO price saw another decline in value, resulting in the formation of a symmetric triangle on its chart.
In addition, the Lido Dao currency has begun to move sideways, making a triangular formation with a bearish flag pattern inside of it, suggesting that the price may be negatively impacted in the days ahead.
The MACD, on the other hand, shows a drop in its red histogram and a strong likelihood of a positive convergence in its averages, suggesting that the price of the LDO coin may experience a bull cycle inside the triangle.
Will the Price of LDO Recover?
In conclusion, the price will pick up steam to break the bearish flag pattern if the bulls are able to break clear of the resistance level at $1.549. Furthermore, the price will be ready to break out of the symmetric triangle at about $1.57 if the LDO bulls can keep it above that level.
Furthermore, if the price breaks out, it will get a lot of positive momentum and challenge its upper resistance level of $1.664 in the upcoming days.
On the other hand, the market will quickly lose momentum and test the triangle’s support trendline if it is unable to gather momentum and stays inside the bearish flag formation.
The price of Lido Dao will keep falling and test its lower support level at $1.498 if the bulls are unable to keep it there.
Lido Dao : Is There About To Be A Significant Breakthrough?,Lido Dao Price Analysis: Is There About To Be A Significant Breakthrough?,Lido Dao : Is There About To Be A Significant Breakthrough?