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With a bullish trend in play, Lido DAO is approaching a long-awaited resistance trendline. As breakout opportunities arise, bulls are targeting $2.78.
As the bull run gains momentum, Lido DAO has surpassed the $1.50 mark and is aiming to end the protracted bearish trend. With consecutive bullish candles forming, buyers are anticipating a breakout rally soon.
Will the breakout rally in LDO prices push beyond the psychological $2 mark and break through the triangle pattern? Let’s explore.
Lido DAO (LDO) Price Analysis
In the daily chart, the LDO price action showcases a bullish recovery challenging a long-coming resistance trendline. The bullish recovery started with long-standing support at $0.90.
Since then, LDO’s price has surged more than 75%, crossing the $1.50 psychological barrier. The uptrend surpassed the 200-day EMA and the 38.20% Fibonacci level at $1.562.
Currently, the Lido DAO token is trading at $1.63 after five consecutive bullish days, during which the LDO price rose by 48%.
However, bullish exhaustion has led to a slight intraday pullback of 1.21%. This resulted in the formation of a doji candle near the overhead resistance trendline and a retest of the 38.20% Fibonacci level, marked by a longer tail.
Meanwhile, the 100-day and 50-day EMAs are on the verge of a bullish crossover. Furthermore, the daily RSI line has breached the overbought boundary line, reflecting a surge in buying pressure. Hence, the technical indicators project the high possibility of a breakout rally.
LDO Price Targets
The breakout above the 38.20% Fibonacci level marks a significant shift in the LDO price trend. This level coincided with a key support area during retracements in Q2 2024.
In the case of the trendline breakout, the uptrend shows potential to reach the 78.60% Fibonacci level at $2.788.
On the other hand, if the breakout fails and a pullback occurs, support could be found at the 200-day EMA at $1.461 or the 23.60% Fibonacci level at $1.267.