- LDO price shows strength for the first time after post-merge.
- LDO is bouncing off the downtrend hoping to end its bearish run as the price eyes a possible breakout of the downtrend line.
- LDO’s price is showing bullish signs as the price is trading below the 50 and 200 Exponential Moving Averages (EMA) with good volume.
Lido DAO (LDO) price was one of the best pre-Ethereum merge performances, outperforming the market as the price surged to an all-time high of $3 against Tether (USDT). Although the crypto market faced a new downside as Bitcoin (BTC) price fell from a region of $19,000 to $18,100 as the Consumer Price Index (CPI) suggests a rise in inflation negatively impacting the price of BTC , with altcoins being affected, with a rally in BTC altcoins like Lido, DAO showed some strength as a target to start a rally. (Binance data)
Lido DAO (LDO) price analysis on the weekly chart
Although the crypto market saw a sharp decline on the back of the CPI news, the market appeared to be rigged as Bitcoin (BTC) price fell from $19,200 to $18,200 in a matter of hours. The market quickly rallied as most altcoins started showing strength, with LDO attempting to break out of its downtrend that has paralyzed the price from rallying.
With the current Bitcoin Dominance (BTC.D) value rising after a long time, it is still unclear how the current price jump will be sustained after the price decline. As BTC.D rises, most altcoins will experience an amplified price drop as BTC declines.
Uptober has been a good month for some altcoins and many are anticipating such good moments for LDO after the token returned to the ashes following the successful Ethereum merge.
The price of LDO has seen more of a downtrend than an uptrend after the rejection at $3 as the price has maintained its bearish structure although showing a small glimmer of price recovery to $2.2, but the price is facing a more severe sell-off versus if the price retreated into a $1 region before rebounding.
Weekly resistance for the price of LDO – $2.2.
Weekly support at the price of LDO – $1.
Price analysis of LDO on the daily chart (1D).
Daily LDO Price Chart | Source: LDOUSDT On Tradingview.com
The daily time frame for the LDO price is looking good and showing incredible strength as the price is trading below the 50 Exponential Moving Average (EMA) which is acting as a resistance for the LDO price.
The price of LDO is currently trading at $1.3 as the price prepares to break the descending triangle it has formed. A break to the upside could signal a powerful rally to the $2.2 high.
Daily resistance for LDO price – $2.2.
Daily support at the price of LDO – $1.
Featured image by zipmex, charts by Tradingview
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