Lido DAO (LDO) Bulls Are Charging Against Strong Headwinds

The price of Lido DAO (LDO) has surged by an impressive 11.82%. However, price action remains constrained by strong headwinds, as indicated by key trading indicators. Let’s take a closer look at the market for further insights.

Lido DAO Statistics

LDO Current Price: $1.043

Market Capitalization: $923.93M

Circulating Supply: 897.87M

Total Supply: 1B

CoinMarketCap Rank: 72

Key Price Levels

Resistance: $1.100, $1.500, $2.000

Support: $1.000, $0.8000, $0.6000

LDO/USDT Sees a Strong Price Increase

After a brief period of consolidation on the Lido DAO daily chart, the ongoing session has produced a stronger price increase compared to previous sessions. As a result, price action has resurfaced above the $1.00 level, with the latest price candle now testing the 20-day Moving Average (MA).

Meanwhile, the Stochastic Relative Strength Index (RSI) has risen significantly into the overbought region. The exaggerated movement of the Stochastic RSI lines suggests that the market may struggle to advance much further in the short term.

Lido DAO Consolidates

Examining the LDO/USDT market on the 4-hour chart, it is evident that price action is encountering resistance. As a result, the market has been moving sideways since the previous session, maintaining its position above the 20-, 50-, and 100-day MA lines.

However, the size of the latest price candle suggests that downward pressure is limiting further upside movement. Similar to the daily chart, the Stochastic RSI appears hyperextended relative to actual price action. Given these indicators, it would be prudent for traders to maintain a modest target of $1.200 in the short term.

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