LDO Confirms Bullish Run as It Breaks Out of Year-Long Ascending Triangle; Analyst Shares Next Price Target

This past week saw two influential crypto analysts spotlight an attractive upside setup developing for Lido DAO’s LDO token from both a technical and on-chain perspective.

Trader Crypto Trades Made Simple inspected the long-term chart, identifying a year-long ascending triangle pattern on the cusp of a major breakout:

The analyst suggests that Lido DAO (LDO) stands at the precipice of a substantial bullish upswing. LDO is currently breaking out of a year-long ascending triangle pattern, indicating an imminent strong upward movement. By extrapolating the length of the ascending triangle, the analyst predicts a target price of $6.70 for LDO.

Captain Faibik echoed similar bullish sentiments about the developing setup.

Delving deeper, analyst group altFINS notes LDO remains in a macro-uptrend even amid recent market turbulence, signaling relative strength as a leading ETH staking platform.

After breaking past the oft-tested $3 resistance zone last summer, LDO just pulled back to retest this area. Flipping it to support would allow resumption towards $3.50 next.  LDO maintained its overall uptrend even amid recent turbulent market conditions that devastated many crypto assets.

This relative strength signifies firm conviction from market participants and likely reflects Lido’s real-world traction as the leading platform for staking Ethereum, representing over 30% of all ETH staked on the Beacon Chain.

Source: altFINS – Start using it today

Zooming into the price action, LDO can be seen consolidating in a textbook ascending triangle pattern over the past year, making higher lows against clearly defined horizontal resistance around the $3 mark.

From current levels, LDO maintains strong potential for bullish continuation back up to retest its 2022 high. But more importantly, clearing $3.50 resistance would confirm the triangle breakout and open the door for much more ambitious upside targets given the length of the base pattern that developed.

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In summary, both from gauging sentiment extremes to identifying key support and resistance levels, Lido appears constructively positioned for breakout continuation ahead. The $3 zone is pivotal to hold, but managing to do so keeps LDO’s bull case intact, targeting upside extensions towards $6.70.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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