thecoinrepublic.com
- 1 Lido DAO price currently trades at $1.604 while witnessing a gain of 0.25% during the intraday session.
- 2 LDO crypto price has climbed above 20-day exponential moving averages.
- 3 The year-to-date return of Lido DAO is 68.34%, while the six-month return is -33.25%.
Lido DAO (LDO) crypto price has been on a downtrend, forming lower lows since the middle of July, falling after facing rejection near $2.50. The cryptocurrency price has witnessed a substantial downfall of nearly 40% from the high of $2.523.
After the decline, the LDO price formed a support at $1.44. The asset price has been hovering in a narrow consolidation zone between $1.44 and $1.61. The previous candle closed as a strongly bullish candle, with a rise of 8.70%, but was unsuccessful in closing above $1.61.
The current candle broke the previous candle’s high but has returned to the zone. For the price to head toward the next significant resistance level of $1.85, it must close above the resistance level of $1.61.
If the bulls push the LDO price above $1.70, it might rise to $1.85. On the other hand, if the price closes back into the zone and the next candle can break the low of the current candle, it might retrace and melt toward the recent support of $1.44.
Transaction Volume Hit a Low $6 Million
The market has shifted its stance, and LIDO Dao price is slowly gaining bullish momentum despite the Securities and Exchange Commission announcement about the delay in the Bitcoin Spot ETF application of BlackRock, an investment management firm, among other applicants.
LDO holders have toned down their bullishness for the cryptocurrency rather evidently. The transaction volume in the last few weeks has been the lowest observed.
The transaction volume hit a low of about $6 Million in September. This added to the month’s cumulative volume, the most disappointing figure since the last month of 2022.
A decrease in transaction volume indicates declining optimism in investors. Lido DAO price has some support from the market as it shares a positive correlation with BTC of 0.62, which is not too high. This shows it might benefit from the positive move by Bitcoin.
Will LDO Price Break The Consolidation Zone?
The cryptocurrency price has jumped above the 20-day EMA, indicating a rise in bullish momentum. The Chaikin money flow score has crossed the 0 mark and trades at 0.02, suggesting slight strength in the market.
The relative strength index has also crossed the 50 mark positively and trades at 57.71, implying strong participation of bulls in the market. The long-short ratio is 0.95, with 48.96% longs and 51.04% shorts, indicating a higher position of sellers in the last 24 hours.
Conclusion
Technical parameters of the LDO suggest an increase in the participation of bulls, but traders should wait for the price to close above $1.61.
Technical Levels
Support Levels: $1.70 and $1.85
Resistance Levels: $1.44 and $1.33
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.