This article focuses on the technical analysis of two popular cryptocurrencies: LDO and XLM. We will look at current support and resistance levels and potential strategies for investors.
Technical Analysis of LDO
LDO recently broke out of an ascending channel and encountered resistance near $1.62 to $1.63 for two consecutive days, potentially leading the price to test support levels downward. The simultaneous increase in price and volume also strengthens the validity of the breakout.
Technical Analysis of XLM
XLM recently broke out of a flag pattern but pulled back after encountering resistance near $0.469, finding support and rebounding around $0.428 (i.e., Fibonacci 0.618 level). However, the upward momentum this time is limited, and trading volume did not rise along with the price, causing the price to gradually form a small flag consolidation pattern.
Investor Recommendations
For LDO, investors can set long entries in the support range of $1.4 to $1.44 with take-profit targets at $1.84, $1.95, and $2.1, while placing a stop-loss between $1.22 and $1.28 depending on individual risk tolerance. For XLM, it is advisable to place orders at around $0.42 and set take-profit targets at $0.47, $0.498, and $0.513 with stop-loss between $0.4 and $0.41.
Current market conditions for LDO and XLM require investors to pay attention to support and resistance levels. Establishing sound strategies will help mitigate risks.
