Sellershavebeenstrongthroughoutthisyear,andtheLidoDao(LDO)pricehaslostmanycrucialsupportlevels.TheLDOpricehasdeclinedbyforminglowerlowsandlowerhighs,reachingamulti-yearlow.Further,thecryptopricehasbeeninaconsolidationphaseforthepast3months.
Here,technicalindicatorsfavoredabullishforecastevenintheconsolidationphase.TheLDOpricestruggledoverthe20-dayexponentialmovingaverage(EMA).Afterremovingtheconsolidationzone,let’sfindouthowtheLDOcryptopriceperforms.
CanLDOPriceGainMomentum?
Dedy(@Traderdedy)isacryptocurrencyanalystwhoclaimsthattheLDOcryptopricehasthepotentialtoshootupsoon.Thepricehasdeclinedandundergoneaconsolidationphaseina4-Htimeframe.
$LDO
Shouldsendsoon.pic.twitter.com/Y9lhWOjPIV
—Dedy(@traderdedy)October18,2024
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TheLDOpriceisexpectedtoreboundby30%inthenextfewdays.Anincreaseintradingvolumemayenhancethechancesofbuyingmomentum.
CouldtheLDOPriceShootUporDeclineFurther?
Whenwriting,theLidoDAOcryptotradedat$1.15withanintradaygainof1.32%.Themarketcapitalizationwas$1.03Billion,andthe24-hourtradingvolumewas$40.11Million.
SinceAugust,theLDOpricehasdefendedthepsychologicallevelof$1andsurpassedthe20-dayEMA.Additionally,ithastriggeredapullbackinasmallertimeframe.However,thepricehasformedaninvertedheadandshoulderpatternonadailytimeframe.
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Ifbuyersshowinterest,theLDOpricemayeasilyextendtothe200-dayEMA.Strongbuyingpressurecanbeanticipatedoncethepriceovercomesthe200-dayEMA.Ifthepricesurpassesthe$2mark,thenamomentumoflossrecoverycanbeseen.
Ontheotherhand,iftheLDOcryptopriceslipsbelowthe20-dayEMA,itcouldbeasellingsignal.Massivesellingcanbeseenoncethepricelosesthestrongsupportlevelof$1.Additionally,itcouldbechallengingforbuyerstotakeoverthechargeagain.
Turningtothetechnicalindicators,theRSIhasdisplayedbullishdivergenceonadailytimeframe.Itcouldliftthepriceforawhile.TheMACDhastriggeredagoldencrossoverwiththeSignallineandisheadingforthepositiveterritory.Thehistogramshaveflippedtogreen,whichcouldinvitebuyers.
LidoDAOPricePrediction
ThetechnicalindicatorsareshowingbullishsignsfortheLDOprice.TheRSIhasdisplayedbullishdivergenceonadailytimeframe,andtheMACDhastriggeredagoldencrossover.TheSignallineisheadingforthepositiveterritory.Thiscouldpotentiallyliftthepriceforawhile.
However,keepinganeyeonthe$1supportlevelandthe20-dayEMAisessential.Theyarecrucialfordeterminingthefuturedirectionoftheprice.Ifthepricesurpassesthe200-dayEMAandthe$2mark,itcouldsignalapotentiallossofrecoverymomentum.
Ontheotherhand,aslipbelowthe20-dayEMAcouldbeasellingsignal.Thiscouldleadtomassivesellingifthestrongsupportlevelof$1isbreached.
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