- Lido DAO is trading at a price of $2.40 with an advance of +27.96% in the last 24 hours.
- Lido DAO is showing a spike in trading activity ahead of US inflation data..
- Lido DAO has 152,006 followers on Twitter and 5,052 Reddit subscribers showing consistent growth on social media.
Lido DAO is showing signs of upward momentum as it is trading above the 20,50-day Exponential moving average and also making new higher highs and has also broken out of the falling wedge pattern.
Liquid staking solutions for various blockchain networks, such as Ethereum, Polygon, Solana, Polkadot and Kusama, are provided by Lido DAO, a decentralized autonomous organization (DAO).
Lido DAO saw a huge increase of +501.50% in its trading activity, reaching $537.79M with a huge rise of +67.04% in Open Interest. The current Open Interest for LDO is $74.69M. The ratio of longs to shorts for LDO is 1.0161. LDO reached its highest price ever on Aug 20, 2021 at $7.30 and is now trading with a drop of -66.82% from that peak.
Lido DAO Technical Analysis
Market Structure:
Lido DAO was consistently dropping but it recently managed to rebound from the lower levels and gave a very good breakout from the falling wedge pattern which was formed due to a fall in the market. The LDO is also successfully creating new higher highs by breaking out the previous swing levels.
Lido DAO Indicator Analysis
Source: LDOUSD. COINBASE.1D by TradingView
EMA:
The continuous decline in the value of Lido DAO resulted in a bearish crossover which further reinforced the downward trend in the market but recently the market showed strength and rebound from the lower levels resulting in a bullish crossover which represents strength in the market. This often can lead to higher levels in the LDO in the upcoming days.
RSI:
The RSI for the LDO is showing signs of bullishness as it has spiked from the oversold zone and is currently sustaining above the 50 levels, it consolidated for a very small time period at the level and 50 and then gave a strong breakout on the upside.
Conclusion
By looking at the charts we can clearly see that the LDO has broken out the structure on the upside and has also broken out the falling wedge pattern with very good momentum and making strong candles. The EMA’s and the moving averages are also giving bullish signals indicating strength in the market. Hence, we can see higher prices in the market in the upcoming days.
Technical Levels
- Support Level – 1.627 and 1.050
- Resistance Level – 3.004 and 3.286
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
