The crypto market is seeing a lot of activity from Lido DAO lately. Over the past day, the price went up around 9%, and people are trading it way more—about 82% more than usual. LDO is selling for $1.92 right now.
Elite analyst Globe Of Crypto noted on X that LDO has been trading within a descending triangle pattern on the weekly time frame, with potential for a breakout above $4 in the coming weeks. This development aligns with technical indicators on LDO’s price chart, sparking optimism among traders.
What you'll learn 👉
LDO Chart Analysis: Breakout from Descending Triangle Pattern Observed
Looking at the weekly chart, Lido DAO has been following a pattern called a descending triangle. Basically, the price keeps bouncing between a flat bottom around $1.50 and a downward-sloping line at the top.
The LDO price just pushed through that top line, which could mean the downward trend is ending. We often see this with descending triangles – when buyers get strong enough, they break through that top line and start a new trend.
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The breakout is evident with strong candlestick performance, suggesting increased buying pressure. Analysts project a potential price move towards $4.00, a level that aligns with previous resistance areas seen in early 2023 and mid-2024. Although trading volume data is not explicitly displayed on the chart, breakouts of this nature are typically validated by heightened activity in the market.
Key Levels and Trend Reversal
The horizontal support zone at $1.50 has acted as a floor for LDO’s price, holding firm during multiple tests over the past several months. With the breakout above the descending resistance line, the market appears to be transitioning from a downtrend to a potential uptrend.
The next major resistance level for LDO is around $4.00, which coincides with historical price action. The weekly timeframe chart suggests that this zone is the next significant hurdle for the token if bullish momentum continues. Traders and analysts are closely monitoring the price action for sustained movement above the breakout level.
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Insights from Globe Of Crypto’s Tweet
Crypto analyst Globe Of Crypto commented on this development in a tweet, noting that LDO was previously “ranging within the verge of a descending triangle in the weekly timeframe.” The tweet further indicated that the breakout could result in a price rise toward $4 and beyond. This projection aligns with the observed technical analysis and reflects market sentiment around the token’s recent performance.
The tweet and chart analysis collectively suggest that LDO is at a pivotal juncture, with its breakout marking a potential shift in the token’s price trajectory. As trading volume surges and bullish sentiment builds, market participants are optimistic about LDO’s price performance in the coming weeks.
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