Lido DAO (LDO) Bulls Make a Stand

As of today, the Lido DAO token has emerged as one of the best-performing cryptocurrencies. The coin has registered a price increase of 3.93%. The ongoing session stands a chance of further bullish advancement given the recorded gains and the solid support base established for the session. Let’s delve deeper into this market below.

LDO Market Statistics

Current Price: $1.3230

Market Capitalization: $1.18B

Circulating Supply: 895.74M

Total Supply: 1B

CoinMarketCap Rank: 70

Key Price Levels

Resistance: $1.500, $2.000, $2.500

Support: $1.250, $1.000, $0.750

Lido Prepares for a Takeoff

Price activity in the LDO daily chart seems to have recently settled into a short consolidation phase. This consolidation phase, which spanned three sessions, now appears to be giving way to a decisive bullish move in the ongoing session.

This is visible through the green appearance and size of the last price candle on the chart as it leaps off the middle band of the Bollinger Bands (BB) indicator. Likewise, the BB indicator itself can be seen contracting while still maintaining an upward trajectory. The Stochastic Relative Strength Index (SRSI) indicator lines have a general downward bearing but show a deflection toward a crossover on the lead line. Technically, this affirms bullish sentiment in the market.

LDO Proceeds on a Bullish Path

On a smaller time frame, it is clear that price action in the Lido DAO market is advancing. The ongoing session has just propelled the market past the middle band of the applied BB indicator. The BB indicator itself can be seen narrowing and shifting from a slight downward trajectory to a sideways one.

Meanwhile, the lines of the SRSI indicator are rising steeply into the overbought region. The lead line is already above the 70 threshold of the indicator, while the lagging line has just crossed above the 50 mark. Technically, momentum appears to be building well, but traders should remain alert for a possible retracement in the opposite direction. However, in the meantime, traders can target the $1.500 price level.

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