Lido DAO (LDO) has broken free from a long-term descending channel, marking a potential shift in market sentiment. The breakout above the upper trendline suggests a bullish reversal, though key resistance levels remain.
Analyst, YG Crypto highlights $2.63 as a critical threshold, with a sustained move above it possibly paving the way for a run toward $4.00. He cautions that despite the upswing, market conditions are still unstable.
Since early 2024, the price of LDO has been stuck in a downward channel with lower highs and lows. LDO broke above the upper trendline, indicating a change in outlook from bearish to optimistic.
LDO Soars Past Descending Channel! 🚀
— YG crypto (@ygcrypto) January 23, 2025
The $LDO USDT pair has finally broken out from its long-term bearish descending channel, signaling a significant shift in market sentiment. This breakout above the upper trendline is a key indicator of a potential #Bullish Reversal. However,… pic.twitter.com/1b0PzIrkpJ
According to YG Crypto, this breakout is critical and could lead to further price increases. The move suggests growing buyer interest, though sustained bullish confirmation is needed.
What you'll learn 👉
Key Lido Dao Price Levels in Focus
LDO faces crucial resistance at $2.63, a level that previously acted as support before turning into resistance. An uptrend would be confirmed by daily price exceeding this threshold potentially pushing the target price to $4.00.
The price consolidated around $1.50 and $1.60 before the breakout, providing support on the downside. A decline below $1.20 might disprove the bullish prediction and indicate a bearish continuation.
While LDO’s breakout was accompanied by increased trading volume, follow-through buying has been relatively weak.
YG Crypto notes that a volume surge above $2.00-$2.63 is necessary for further bullish confirmation. Short-term momentum remains positive, though the market awaits a decisive move above resistance levels to establish a long-term bullish trend.
Read also: Could ONDO Hit $3 Soon? ONDO Price Prediction
LDO Price Action and Market Data
Per CoinGecko, LDO is trading at $2.08 at press time, reflecting a 17.66% increase in the past 24 hours and a 2.90% gain over the past week. The 24-hour trading volume stands at $296.1 million, indicating heightened market activity. While the breakout signals a potential uptrend, traders remain watchful of resistance zones and overall crypto market movements.
Monitoring volume and resistance tests will be crucial as LDO hovers near key levels. A strong close above $2.63 could signal a more defined bullish trend, while failure to hold support may lead to a retest of lower price levels.
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