Amid the ongoing recovery of the cryptocurrency market, Lido DAO (LDO) has captured traders’ attention with its bullish price action. Recently, LDO has been struggling within a tight range, but current trends suggest a potential breakout.
Lido DAO Technical Analysis
According to expert technical analysis, LDO has been trading within a narrow range since late December 2024. The $2 level has acted as strong resistance, resulting in notable price declines. However, the current market sentiment shift could trigger a price surge and a breakout above this resistance level.
LDO Price Forecast
Based on recent price action and historical momentum, this breakout can be considered successful only if the asset closes a daily candle above the $2.15 level. If this occurs, LDO token could potentially rise by 55% to reach the $3.37 level in the future. The asset is trading above the 200 EMA on the daily timeframe, indicating an uptrend. Additionally, the asset’s RSI is currently below the 55 level, suggesting room for significant growth in the coming days.
On-Chain Metrics and Price Momentum
Following the breakout, traders have shown strong interest in the asset. Data from the analytics platform Coinglass reveals that LDO’s open interest (OI) has surged by 32% in the past 24 hours and 20% in the past four hours. The long/short ratio shows that intraday traders are betting on the long side, with a current ratio of 1.14. More than 53.50% of traders hold long positions, while 46.50% hold short positions, making the ratio favorable for the bulls.
Lido DAO is currently trading near $2.13 and has experienced a price surge of over 16% in the past 24 hours. During the same period, its trading volume jumped by 60%, indicating heightened participation from traders and investors following the breakout.
