Lido DAO Price Shows Strength as it Breaks Key Resistance – What’s Next for LDO?

Lido DAO’s price has broken out recently, climbing past an important resistance point and picking up steam. Crypto analyst Sjuul shared an update on X (formerly Twitter), celebrating the move with a 20% price increase. His tweet emphasized the anticipated breakout and the strong performance of LDO’s price in the market.

The price action suggests a shift in trend, with buyers taking control after a period of decline. A closer look at the chart indicates key technical levels and potential future movements for the token.

LDO Chart Analysis

Lido DAO’s price had been in a downtrend before forming a reversal pattern. The chart shows a descending trendline that was broken as the price moved higher. Buyers stepped in near a support level, leading to a rounded bottom formation, a classic bullish reversal signal.

After this formation, LDO established a series of higher highs and higher lows, further confirming the shift in trend. The breakout above the trendline was a key moment, signaling strength in price action and increasing market confidence.

Image Source: X/Sjuul

Lido Dao Key Technical Levels and Market Structure

The chart highlights important resistance and support levels that played a role in LDO’s movement. A well-defined resistance level was broken, allowing the price to push higher. If the breakout holds, this previous resistance could turn into a support level upon a retest.

Additionally, a demand zone, marked as an “Un Level” on the chart, shows where strong buying activity occurred. This area could act as a secondary support level if the price pulls back before continuing its upward momentum.

Read Also: This Chart Pattern Signals an XRP Price Rally to $15

Furthermore, Sjuul mentioned a 10X leveraged long position, which yielded a 207.44% ROI. This suggests a well-timed trade, capitalizing on the breakout. The reaction to the breakout and the subsequent price movement confirm that traders were anticipating this shift.

The tweet’s tone reflects confidence in the trade, with phrases like “Yes, baby!!! 🚀” and “We built different! 💎” emphasizing the strong price action. Such enthusiasm from market participants often fuels additional interest in a token, attracting new traders and investors.

What’s Next for LDO Price?

Following this breakout, traders are watching for a potential retest of the support level. If the price holds above this area, it could pave the way for further gains. However, if sellers regain control, a pullback toward the previous demand zone is possible.

The next movement will depend on whether LDO’s price maintains its newfound momentum or faces resistance at higher levels. Market participants will be monitoring volume and price action closely to assess whether the uptrend continues.

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Boluwatife Afe
Boluwatife Afe

Boluwatife is a dedicated content strategist specializing in the crypto industry and is passionate about blockchain technology and digital currencies. With a keen eye for emerging trends and a talent for making complex topics accessible, Boluwatife aims to educate and inspire the crypto community through engaging and insightful content.

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