Lido DAO (LDO) Struggles At $1.8 After Ethereum Merge, What Next?
17 September 2022 - 8:59AM
NEWSBTC
Lido DAO (LDO) showed so much strength as the price rallied from
$0.5 to a region of $3, creating a new all-time high against tether
(USDT) ahead of the anticipated “Ethereum Merge.” Lido DAO (LDO)
benefited from the relief bounces across the crypto market as it
continues to top the chart week in and week out but has since
struggled after the merge. (Data from Binance) Related Reading:
Valkyrie Crypto Trusts Gather Nearly $74 Million In Funding Amid
Bear Market Lido DAO (LDO) Token Price Analysis On The Daily
Chart LDO saw a decline in price from $3 to $1.8, setting its
price up for a new all-time high despite the difficult market
conditions. The price of LDO has since struggled to discover the
mojo that helped LDO outperform so many altcoins, as many are
confused if it is out of steam. The price of LDO on the daily chart
faced resistance at $2.2 as the price got rejected severally. LDO’s
price formed a symmetric triangle as the price continued to range
with two options available; an uptrend continuation or a break to
the downside to test lower support. For LDO’s price to restore its
bullish move, the price needs to break out of the triangle and
rally to the upside. With good volume, the LDO price would have to
break and hold above $2.2, acting as strong resistance preventing
the price from the upside. If the price of LDO fails to break to
the upside, we would expect the price of LDO to retest the support
area at $1.4-$1. Daily resistance for the price of LDO – $2.2.
Daily support for the price of LDO – $1.4-$1. Price Analysis Of LDO
On The Four-Hourly (4H) Chart The 4H timeframe for LDO prices
continues to weaken as prices break to the downside of key support
of $1.8 as price struggles to reclaim this region for a chance to
trend higher. If LDO fails to reclaim this zone, we expect the
price to retest lower support zones of $1.7-$1.5. On the 4H
timeframe, the price of LDO is currently trading at $1.79 below the
50 and 200 Exponential Moving Average (EMA), acting as resistance
for LDO price. The price of $1.9 and $2 corresponds to the
resistance at 50 and 200 EMA for the price of LDO. The price of LDO
needs to reclaim 50 EMA for a chance to trend to $2.2. If LDO
fails, the price of LDO will look for support below this area. The
Relative Strength Index (RSI) for LDO is below 50 on the 4H chart,
indicating more sell order volume. Four-Hourly resistance for
the LDO price – $1.9-$2. Four-Hourly support for the LDO price –
$1.7-$1.5. Related Reading: Cosmos (ATOM) In Green While Entire
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