Lido Dao Price Analysis: Is LDO Price On A Verge Of A Massive Rally?

The market has been trading on a positive note since the month started, indicating a strong bullish influence in the industry. Ethereum price has gained major attraction as the price has recorded a price jump of over 10%, resulting a new yearly high, by breaking out of its important resistance level.

Ethereum price has made a bullish breakout as the price has successfully breached the $2,000 mark for the first time since April, resulting in tokens like LDO and RPL to surge. Lido Dao has recorded a gain of over 20% within the past day, making this token one of the top gainers in the industry.

The Lido Dao price was seen trading below its resistance level of $1.686 for a brief period, following which the price gained momentum and the coin broke out of its upper level.

The LDO price was then rejected at $1.857, following which the price was seen trading sideways for over a week. The crypto industry witnessed another price pump, after which the price regained momentum and broke out of its key level.

Lido Dao traded around the resistance level of $2.088 for a while, after which the price made a run to test its new yearly highs, but the price was rejected at the level of $2.409, following which the price experienced a minor correction.

Will LDO Price Regain Value?

The MACD displays a strong rising green histogram, indicating a massive ongoing buying and selling pressure in the market. Further, the averages show a rising pattern, suggesting the price to continue gaining momentum in the coming time. 

If the bulls push the price above the resistance level of 2.409, the LDO price will regain momentum and make a run to test its upper resistance level of $2.50 in the coming time.

Further, if the market maintains its price at that level, it will set the stage to test its key resistance level of 2.80 in the coming week.

Conversely, if the bears overpowered the bulls, the price will lose momentum and fall to test its support level of $2.224 this week. Moreover, if the bears continue to dominate the market, it will experience a price plunge, resulting in the price testing its lower support level of $2.088 this month.