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The price action of the Lido token has witnessed a rapid, moderate upsurge towards higher price marks. This happened concomitantly with Bitcoin resurfacing above the $70,000 mark. As of the time of writing, the Lido token has seen a price increase of 6.64%. Does the market have what it takes to continue upward?
Key Price Levels:
Resistance: $2.500, $3.000, and $3.500
Support: $2.000, $1.500, and $1.000
Lido Upside Rebound Targets the $2.500 Mark
Price activity in the LDO daily market has, within two sessions, surfaced above the Guppy Multiple Moving Average (GMMA) lines. This happened very quickly and suggests that more upward movement is likely. The last price candle on the chart has caused the token to now trade above the $2.40 mark.
Technically, since this price level appears above the GMMA indicator lines, it suggests that more upside momentum may set into the market. Additionally, the Moving Average Convergence Divergence (MACD) indicator line has continued trending upward from below the equilibrium level. The bars of the MACD are solid green, indicating that the momentum is still strong.
LDO Upside Correction Hits a Rejection
While Lido’s price action maintains a high chance of forging ahead, it appears that the market has hit a rejection. The last price candle on this chart can be seen appearing red and resembling a spinning top candle. This reveals that headwinds are developing, presenting a barrier to price movements.
However, crypto signals with higher targets may still be used in this market, as trading activities remain above the GMMA lines. Likewise, the MACD indicator lines are above the equilibrium level and retain an upward trajectory. Therefore, traders can maintain their stance, expecting price action in this market to cross above the $2.500 mark and subsequently approach the $3.000 mark.
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