Recent analysis shows that the Lido DAO (LDO) token has broken out of a descending pattern, which may indicate favorable changes in its price.
Overview of LDO Prices and Patterns
From February to July, the LDO token was trapped in a downtrend, breaking through a resistance level at $0.85. This breakout could signal the end of long-term selling pressure.
Expected Price Growth Levels
The potential price increase for LDO could range from 100% to 120%, reaching approximately $1.70. Although this seems realistic, traders must consider resistance at $0.95, $1.10, $1.30, and $1.55, which have previously halted progress.
Key Indicators for Further Analysis
To sustain the current upward movement, the price of LDO needs to remain above $0.80. Closing below this level may raise red flags, while falling below $0.65 could jeopardize the bullish sentiment.
The situation with Lido DAO suggests that breaking out of a descending pattern could mark the start of price growth, however, there are still risks that investors should consider.
