As a researcher with extensive experience in analyzing cryptocurrency markets, I believe that the Lido DAO coin price may be primed for a potential rally towards $3 based on recent developments. Although the altcoin has been trading sideways in the past two weeks, the crucial yearly support at around $2 indicates that buyers have the upper hand and could retake trend control.
As a researcher studying the cryptocurrency market over the past two weeks, I’ve observed that the Lido DAO coin price has been trading sideways, unable to break through the $2.175 resistance level despite Bitcoin undergoing its post-halving correction. The daily price fluctuations have shown no clear advantage for either buyers or sellers, indicating a stalemate. However, with the altcoin currently hovering around a significant yearly support level, I believe that the buyers hold the upper hand and have the potential to regain control of the trend and initiate a new bullish rally.
Is Lido DAO Coin Price Ready to Hit $3?
Over the past two months, the Lido Dao coin has experienced a gradual decline under the pressure of a descending trendline, resulting in a correction from its previous price of $3.64 to its current trading value of $2. This downturn represents a significant 43% decrease in value.
As an analyst, I’ve examined the higher time frame charts and noticed that the descending price trend met with a supportive level at the ascending trendline, which has been in effect since June 2024. This trendline has functioned as a pivotal point for buyers to accumulate, suggesting a well-established uptrend.
As a crypto investor, I’ve been keeping an eye on the latest developments in the market, and I was intrigued by Santiment’s recent update on liquid staking assets. According to their analysis of 17 key assets in this sector, there has been a noticeable surge in value over the weekend. This collective market cap increase of +5.0% indicates that despite the broader market’s volatility, these assets are holding their ground and showcasing resilience.
The past weekend has seen a noteworthy rise for #LiquidStaking assets. Among the 17 major assets we monitor in this category, their market caps collectively grew by approximately 5.0% during volatile market situations. Notably, $LDO (5.2%) and $RETH (+5.9%) have been the top performers.
— Santiment (@santimentfeed) April 28, 2024
In the forefront of the gainers were Lido DAO ($LDO) with a 5.2% price jump, and Rocket Pool ETH ($RETH) that experienced a 5.9% growth. This small uptick serves as an encouraging sign for stakeholders, implying strengthening investor faith in these digital assets.
If the downward pressure at the support level of $2.175 continues to wane, the price of LDO may rise above this level as an early indication of a price reversal. Nonetheless, for a significant uptrend to commence and surpass $3, buyers must first break through the resistance trendline.
Technical IndicatorÂ
- BB Indicator: The squeezed range of the Bollinger Band indicator highlights volatility among investors and a lack of directional trends.
Relative Strength Index: A notable bullish daily RSI slope above the price indicates the increasing accumulation of the LDO coin at the aforementioned support.
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2024-04-29 19:50