News
  • Chandan Gupta
    author-profile

    Chandan Gupta right arrow

    Author

    Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

    • 1 minute read

    Breakout Alert! Lido DAO (LDO) Open Interest Soars by 30%, Bullish Sign?

    • currency-symbol LDO $ 0.8778 (-2.12%) top looser
    Story Highlights
    • LDO breaks resistance, trading above $2.13. A breakout above $2.15 could lead to a 55% surge, reaching $3.37.

    • LDO sees 16% price jump in 24hrs, with a 60% rise in trading volume. Bullish sentiment grows as open interest surges 32%.

    Amid the ongoing crypto market recovery, Lido DAOโ€™s (LDO) bullish price action has captured tradersโ€™ attention. In recent weeks, LDO has been struggling within a tight range between $1.50 and $2.00. However, with the current price recovery, it appears to be breaking out of this zone.

    Lido DAO (LDO) Technical Analysis

    According to expert technical analysis, LDO has been trading within a narrow range since late December 2024, with the $2 level acting as strong resistance. LDO has faced resistance multiple times during this period, leading to notable price declines.

    However, the current market sentiment is shifting, which could trigger a price surge and a breakout above this resistance level.

    LDO Price Prediction 

    Based on recent price action and historical momentum, this breakout can be considered successful only if the asset closes a daily candle above the $2.15 level, otherwise, it would be a fakeout. If this happens, there is a strong possibility that the LDO token could soar by 55% to reach the $3.37 level in the future.

    However, the asset is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that LDO is in an uptrend. On the positive side, the assetโ€™s Relative Strength Index (RSI) is currently below the 55 level, suggesting that altcoin still has enough room to rise significantly in the coming days.

    Bullish On-Chain Metrics 

    Looking at this bullish outlook following the breakout, traders have shown strong interest in the asset, as revealed by the on-chain analytics firm Coinglass. Data shows that LDOโ€™s open interest (OI) has surged by 32% in the past 24 hours and 20% in the past four hours, indicating an increase in new positions by intraday traders.

    However, the LDO long/short ratio reveals that intraday traders are strongly betting on the long side, as it currently stands at 1.14. At press time, over 53.50% of traders hold long positions, while 46.50% hold short positions, making the ratio favorable for the bulls.

    Current Price Momentum 

    LDO is currently trading near $2.13 and has experienced a price surge of over 16% in the past 24 hours. During the same period, its trading volume jumped by 60%, indicating heightened participation from traders and investors following the breakout.

    Never Miss a Beat in the Crypto World!

    Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

    Show More

    Related Articles

    Back to top button