LDO Price Analysis: LDO price making a rally upwards but when?

• 1 LDO price recently made its 52-week high and crossed its target of $3.00 on its bull trend
• 2 The LDO price is moving on a bull trend above the key moving averages

The LDO price is moving on a bull trend above the 200 EMA making its 52-week high on recent levels. Currently, LDO is moving under a narrow parallel channel while giving 20-40 percent on each move. The overall market is trading at a neutral level around point 50 according to the greed and fear index provided by the site Alternative(dot)me. At present LDO coin is trading at a price $3.055 while with a change in 24 hour trading volume of -21.68%. LDO price is down 0.37% in the last 24 hours.

LDO price trending on an uptrend

Source: LDO/USDT by TradingView

The LDO is a utility token used for operating Lido. The Lido is a staking platform for Ethereum. Through Lido, users can stake their Ethereum with no minimum deposits which is different from many other platforms. There are minimum staking amounts also they can participate in different on-chain activities through it such as lending to compound returns.

LDO token is used for granting governance rights in Lido DAO while also governing the addition and removal of the Lido node operators. It is also used for managing fee parameters and distribution.

Technical Analysis ( 4Hr Day Timeframe )

Source: LDO/USDT by TradingView

LDO price is trading on an uptrend on the 4hr time frame above the 200 EMA while taking consistent support from the 100 EMA while giving 20 – 40% on each move. As of now, Lido’s price is taking support from the 50 EMA while the 100 EMA is just below it.

The RSI line is trading near the median line moving toward the oversold level around point 48.12 trading below the 14 SMA which is around 54.53 point on a downtrend. The RSI curve is suggesting that it might soon start moving downwards.

Conclusion

Lido price has been trending on an up trend since early Jan 2023 after breaking out of its bear trend with strong momentum. The lido price is currently taking support from the 50 EMA around $3.029 while its next major support is around 100 EMA at the price of $3.004 and its resistance is around $3.300. As of now according to the historical price action, the LDO price might start moving downwards 4% below 100 EMA.

Technical levels

Support – $3.004 and $3.029

Resistance – $3.300

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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