The crypto market is witnessing increased activity around Lido DAO. The token's price rose by about 9% in the last day, and trading volumes surged by 82%.
LDO Chart Analysis: Breakout from Descending Triangle
On the weekly chart, Lido DAO was following a descending triangle pattern. The price bounced between a flat bottom around $1.50 and a downward-sloping line at the top. Recently, the price pushed through this top line, signaling a potential end to the downtrend. This typically indicates the start of a new trend if there is significant buyer activity.
Key Levels and Trend Reversal
The horizontal support zone at $1.50 has acted as a base for LDO's price during multiple tests over recent months. Breaking above the descending resistance line suggests a shift from a downtrend to a potential uptrend. The major resistance level for LDO is around $4.00, aligning with historical price action.
Insights from Globe Of Crypto
Analyst Globe Of Crypto noted in a tweet that LDO was previously ranging within the verge of a descending triangle on the weekly timeframe. The tweet indicated that the breakout might lead to a price rise towards $4 and beyond, aligning with the technical analysis conducted. This brings market optimism regarding LDO's prospects.
Analysts and traders see potential for further LDO price growth, especially following recent breakout and trading volume increases. Attention is drawn to the cryptocurrency with the possibility of reaching the $4 resistance level.
