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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Show more +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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