In recent weeks, the price of Lido DAO (LDO) has been fluctuating within a narrow range, but a recent trend has led to breaking the $2 resistance.
Recent LDO Dynamics
Since late December 2024, LDO has been trading within a narrow range, with the $2 level acting as strong resistance. Each time it reached $2, the price dropped significantly. However, market sentiment is becoming more positive, which may lead to further price increases.
Change in Market Sentiment
For the breakout to be successful, LDO needs to close above $2.15. This could lead to a 55% price increase, reaching $3.37 in the future. Otherwise, it might just be a false move. Currently, LDO is trading above the 200-day Exponential Moving Average (EMA), indicating an uptrend. The Relative Strength Index (RSI) is below 55, which means there is still room for the price to rise.
Current Market Position
After the breakout, traders are showing strong interest in LDO, as indicated by recent Coinglass data. LDO’s open interest has increased by 32% in the last 24 hours and 20% in the last 4 hours, suggesting more intraday traders are getting involved. The LDO long/short ratio is 1.14, meaning more traders are betting that the price will go up. Currently, 53.5% of traders have long positions, while 46.5% have short positions, which is a positive sign for the bulls.
LDO is currently priced around $2.13, showing a 16% increase in the last 24 hours. Trading volume has risen by 60%, indicating more trader and investor involvement after the breakout.
