The price of Lido DAO has surged today, experiencing an increase of over 20% in the last 24 hours, coinciding with a broader upswing in several Ethereum tokens. This movement is likely driven by a renewed positive sentiment surrounding Ethereum, which has positively impacted tokens within its ecosystem.
World Of Charts, has identified that Lido DAO ($LDO) is currently breaking through a horizontal resistance area. According to the analyst, the successful breakout suggests that LDO may test a major trendline soon. If this trendline is cleared, there is potential for the price to reach $3 or even higher within a few days.
The analyst provided a detailed breakdown of the chart, spelling out the key price elements that could influence Lido’s price trajectory. The current breakout from the horizontal resistance level is particularly significant, as it illustrates a shift in market sentiment.
This breakout indicates increased buying pressure, which may attract more investors anticipating further price appreciation. The successful close above this resistance area adds confidence to a bullish outlook for LDO.
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Show more +LDO Breakout From Descending Trendline Necessary
The next critical target for LDO is a major trendline that has historically served as a resistance level. This trendline, drawn from previous price peaks, represents a psychological barrier where past rallies have stalled or reversed.
Should Lido DAO approach this trendline and manage to break above it, this would confirm the continuation of bullish momentum and pave the way for higher price levels.
In the short term, the analyst suggests that LDO could reach the $3 mark within a few days, provided it successfully clears the trendline. This forecast hinges on continued breakouts and positive sentiment, which are essential for maintaining rapid upward movement towards this target.
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